Flash: GBP/USD drops towards the 200 day moving average at 1.5513 – Commerzbank

FXstreet.com (Barcelona) – Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD has come close to but did not quite reach the uptrend channel resistance line, 200 week moving average and the June peak at 1.5716/55 before rapidly declining.

Key Quotes

“Another interim top is now likely to be in place. For this to be confirmed it will have to fall through the mid-August low at 1.5424.”

“En route are the 200 day moving average at 1.5513 and the 1.5432 July high.”
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