Flash: GBP/USD has held the initial test of the 1.5411 channel support – Commerzbank

FXstreet.com (Barcelona) – Axel Rudolph, Senior Technical Analyst at Commerzbank notes that GBP/USD sold off towards, but has recovered just ahead of the 1.5411 2 month up channel.

Key Quotes

“Intraday rebounds look set to struggle circa 1.5550/1.5605.”

“While capped here the market remains directly offered and the uptrend exposed.”

“The recent reversal just ahead of the June peak at 1.5716 suggests an interim top is likely to be in place. HOWEVER for this to be confirmed it will have to fall through (and preferably close below) the channel support. This will trigger losses initially to the 1.51004 August low.”
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