GBP/USD offered below 1.6836 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bearish tone is set to continue for the GBP/USD below 1.6836.

Key Quotes

“GBP/USD has reacted higher, tested the 5 week downtrend, drawn from the 1.6996 May peak. This is located at 1.6836 today and while capped here the market is directly offered”.

“This is viewed as a return to point of break down, but we need to see some follow through selling in the next few days to confirm that view”.

“Slightly longer term, we continue to believe that the market has topped at 1.70”.