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Further downside lies ahead for GBP/USD – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains poised for a continuation of the bearish trend in the next weeks.

Key Quotes

GBP/USD remained under pressure following the recent break down from its triangle. This is bearish price action and given the prior sell off, the risks will remain on the downside for the next few weeks”.

“The downside measured target from this triangle is 1.2415. The focus is on the 1.2797/50 July low and Fibo. However we also note the presence of a TD perfected set up, which may prompt a near term rebound”.

“Intraday rallies should remain capped by the 1.2980/1.3010 area. Intraday resistance lies 1.3056 and key resistance is now the top of the triangle at 1.3385”.

German ZEW preview: What to expect of EUR/USD?

The EUR/USD pair witnessed a 30-pips upward spike in the last hour, driving the rate further beyond 100-DMA in a bid to test 1.1250 barrier. The major
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UK: Weak GBP to accelerate CPI over coming months - BNPP

Research Team at BNP Paribas, suggests that today brings the first major data release covering the post-referendum period in the UK, with July CPI num
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