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Commerzbank: GBP/USD targets 1.6000

According to strategists at Commerzbank, GBP/USD will likely consolidate before resuming the downside. 

They point that the recent GBP/USD lows have not been confirmed by the daily RSI indicator, so we may se some consolidation ahead. The next targets are 1.6694/55 (200-day MA), 1.6523 and 1.6280/53 (38.2% Fibo). In a longer term Commerzbank targets the 1.60 area as the market formed a top in the 1.7190 area. 

The price will meet resistance at 1.6870/88 or 1.6938 (20-day MA). 

Chart. Daily GBP/USD



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