ANZ: GBP/USD may retrace lower

Analysts at ANZ point out that GBP/USD may have already gained enough by rising during 8 of the past 11 weeks. “The move is stretched and so vulnerable to pullbacks as shown by yesterday’s pullback to the mid-point of this week’s range ($1.6022). Any deeper pullback (below $1.5960) could trigger retracements of the rally from late August low at $1.5430 (38.2% at $1.5880, 50% at $1.5795)”, says the bank.

Chart. H4 GBP/USD


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