GBP/USD could see a visit to 1.5600

By FXStreet FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could squeeze higher to the 1.5600 level.

Key Quotes

“GBP/USD has sold off to and is seeing a strong rebound from the 1.5172 June low”.

“We note the TD perfected set up on the daily chart and the intraday Elliott wave counts have altered to suggest that we will see a deeper retracement to 1.5600”.

“Rallies will find initial resistance at the 1.5425/7th August low, but look set to erode this. Our longer term outlook is bearish and below 1.5172 we look for losses to 1.5088, the 61.8% retracement then 1.4895, the 78.6% retracement”.
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Source:: FX Street