Commerzbank: bearish on GBP/USD
Analysts at Commerzbank point out that GBP/USD is once again under bearish pressure. Last week pound fell below the short-term support line.
The specialists say that the correction up is over and expect the pair to slide to $1.6163/54 and $1.6053 and then to $1.6015/00 (200-week MA and 50% retracement of the advance from 2013) before falling to 1.5721 61.8% retracement).
According to Commerzbank, the forecast for GBP/USD will remain bearish until the pair’s trading below $1.6442 (downtrend line). Key resistance is $1.6644/46 (September high and the 200-month MA) and $1.6689 (200-day MA).