GBP/USD: Break below September low of 1.3411 to open up 1.3165 – Commerzbank
|GBP/USD suffered heavy losses following the Bank of England's decision to leave its policy rate unchanged last week. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the cable could plummet to 1.3165 on a break below the 1.3411 September low.
Attention is on the 1.3411 September low
“GBP/USD sold off last week after the BoE decision and starts this week with attention on the 1.3411 recent low.”
“Rallies will find initial resistance at the 55-DMA at 1.3699 and the market will stay directly offered while below there.”
“Below 1.3411 we have little until the 200-week ma at 1.3165.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.