Back
20 Mar 2013
Forex Flash: GBP/USD to continue drifting lower towards 1.5000 - Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts expect the GBP/USD to continue drifting lower again towards the psychological 1.5000 region after having already stayed below Friday’s 1.5176 high and the minor 1.5199/1.5223 resistance area (late February and early March highs) for the past few days.
“We believe that the longer term down move has further to run and view last week’s advance as a short term correction only. Longer term we look for losses to 1.4229, the 2010 low”, wrote analyst Karen Jones.
Resistance is at 1.5176/1.5223, but if it were unexpectedly overcome the 1.5301/40 resistance area would be in focus, but should then cap. “It consists of the February 22 high, breached one year resistance line and the three month resistance line”, she added.
“We believe that the longer term down move has further to run and view last week’s advance as a short term correction only. Longer term we look for losses to 1.4229, the 2010 low”, wrote analyst Karen Jones.
Resistance is at 1.5176/1.5223, but if it were unexpectedly overcome the 1.5301/40 resistance area would be in focus, but should then cap. “It consists of the February 22 high, breached one year resistance line and the three month resistance line”, she added.