GBP/USD has tested and is so far holding the 200 day moving average at 1.6664.
The rebound from here is indicated to terminate at 1.6760/1.6825, i.e. the rebound should halt ahead of the 6 week downtrend and while capped here the market will remain directly offered.
The target below the 1.6658 recent low is 1.6523 en route to 1.6280/53 the 38.2% retracement of the move from 2013 to 2014 and the 2014 low. Longer term we eventually look for losses back to 1.60.
Commerzbank runs a limit order to sell GBP/USD at 1.6770 with a stop at 1.6890
