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Commerzbank: GBP/USD offered below $1.6370

According to analysts at Commerzbank, GBP/USD will remain offered below $1.6370 (trend resistance on the daily chart). Initial resistance is the 20-day MA at $1.6235.

The pair has reached the target of $1.6012/00 (200-week MA and 50% retracement from the bullish move 2013). The price will likely consolidate around this area in the very near future. However, a break below $1.5950 will allow another leg lower to take hold. The pair will likely plummet to $1.5720 (61.8% of the move from 2013). 

Chart. Daily GBP/USD

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