GBP/USD could see consolidation in the mid-1.52s – Commerzbank

By FXStreet FXStreet (Edinburgh) – Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair attempting a consolidative pattern around 1.5250.

Key Quotes

“GBP/USD has sold off to and has eroded the 200 day ma at 1.5362 and the 1.5330 July low – currently we suspect that we will see some consolidation at the 50% retracement at 1.5249 as we are not convinced that the market is quite ready to sustain another leg lower at this stage”.

“In addition we note the 13 count on the 240 minute chart. A close below here should be enough to trigger losses to the 1.5172 June low and 1.5088 the 61.8% retracement”.
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Source:: FX Street