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