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GBP/USD: technicals points to 1.5172 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be headed towards the 1.5172 level.

Key Quotes

GBP/USD sold off sharply yesterday following its recent failure just ahead of 1.5678, the 78.6% retracement”.

“The sell off has reached initial target of the 200 day ma and last weeks low at 1.5343/29”.

“We note the 13 count on the 60 minute chart and would allow for a rebound into the 1.5390/1.5425 band ahead of further losses”.

“Currently the intraday Elliott wave counts are implying losses to 1.5172 the June low. Failure here will trigger a move to 1.5088, the 61.8% retracement then 1.4895, the 78.6% retracement”.

GBP/JPY revisits daily lows before moving back above 184.00

Fresh offers hit Sterling driving it lower across the board in early European session. The GBP/JPY pair turned lower from the high of 184.50 to re-test the daily low before moving back to trade above 184.00 levels.
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GBP/USD volatile, bounces-off 1.5300

GBP/USD witnessed wild swings after the European opening, quickly retracing from highs and struck session lows just below 1.53 handle, only to recover and swing back higher towards 1.5335 levels, where it now trades.
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