GBP/USD appears well supported around 1.50 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the significance of the support at the psychological handle at 1.50 the figure.

Key Quotes

“GBP/USD sold off sharply last week almost hitting psychological support at 1.50000”.

“This is a key break down point for the market and we would allow for it to hold the initial test and we would allow for a small rebound towards 1.5180 and 1.5260 ahead of another leg lower”.

“Resistance above here intensifies and is likely to provoke failure”.

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