Helena Izotova
Commerzbank experts say that the probability of GBPUSD declining is getting higher. Karen Jones, a currency strategist for Commerzbank, says the rally is exhausted.
The expert assumes that a break and consolidation above 1.5912 will help the currency pair to resume the rally to let it hit 1.5984 or even 1.6000. However, the bullish scenario looks less probable.
Commerzbank has reported about opening short trades at 1.5900 (stop loss - 1.5915, target - 1.5552).
According to , the British Pound is still bullish against the US Dollar. The experts report that GBPUSD is forming wave А(С)/С of level H16.
A further rally will probably encounter resistance around 1.5970, 1.5994/96 if the price breaks above 1.5933. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.5825 (as shown below).
Helena Izotova
