Currency Analyst since 2010

CB forecast for GBP/USD

GBP/USD formed yesterday a hammer-candle with a very long lower shadow.  

Analysts at Commerzbank expect GBP/USD to recover to April 10 high at $1.6822: “The Elliott wave count on the intraday charts is giving conflicting signals but it now looks less likely to extend to $1.6900. It is looking more likely that the market will simply fail here at the previous highs. Dips will find minor support at $1.6680 ahead of trend line support at $1.6585 and key support at $1.6470”.

Chart. Daily GBP/USD

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