GBP/USD supported by 200-d MA – Commerzbank

FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the recent pullback in spot was well supported in the vicinity of the key 200-day MA.

Key Quotes

“GBP/USD has sold off to the 1.5368 200 day ma where it is currently being supported. Directly below lies the 1.5332 July low which may soon be reached”.

“A close below here is looking increasingly likely and will trigger losses to the 1.5172 June low and 1.5088 the 61.8% retracement”.

“Intraday rallies should struggle 1.5500/40 ahead of 1.5660 and the 1.58175 recent high”.