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6 Nov 2015
GBP/USD well supported around 1.5086/1.5000 – Commerzbank
FXStreet (Edinburgh) - Senior Technical Analyst at Commerzbank Axel Rudolph sees pullbacks in the pair could face strong support in the 1.5086/1.5000 area.
Key Quotes
“GBP/USD has sold off sharply through the 1.5244 end of October low and this suggests further weakness to the 1.5200/1.5163 supports”.
“This is the low we saw on the 4th September and the low from the 13th October. This is likely to hold the initial test ahead of losses to the 1.5108 1st October low”.
“The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support, is likely to provide strong support”.
Key Quotes
“GBP/USD has sold off sharply through the 1.5244 end of October low and this suggests further weakness to the 1.5200/1.5163 supports”.
“This is the low we saw on the 4th September and the low from the 13th October. This is likely to hold the initial test ahead of losses to the 1.5108 1st October low”.
“The more important 1.5086/1.5000 support, which is the 61.8% retracement and psychological support, is likely to provide strong support”.