FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the current weakness around the pair leaves the door open for further pullbacks.
Key Quotes
“GBP/USD dropped to the 50% retracement at 1.5248 while en route to the 1.5171/63 major support zone which consists of the June and current September lows. Failure here will trigger a move to 1.5086, the 61.8% retracement, then 1.4895, the 78.6% retracement”.
“Immediate resistance can be seen between the July low and the 200 day moving average at 1.5330/40. Further resistance comes in around the 1.5424 early August low”.
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