Commerzbank reports - GBPUSD has a negative bias while it holds below the 1.6435-70 downtrend; however, the key reversal from 1.5690 Fibonacci support calls this stance into question.
A break below 1.6115 is needed to alleviate immediate upside pressure and retarget 1.5690 and 1.5270.
A break of 1.6470 and then 1.6535 resistance will allow for a retest of recent target 1.7045 highs.
As reported by other bank about the parity locked in the best probability is down unless EURUSD too goes UP to the same target.
Key to watch the breaks of 1.6115 or 1.6470.
Tuesday, 20 October 2009
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