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GBP/USD upside remains corrective – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the current up move in the pair is viewed as corrective only.

Key Quotes

GBP/USD strength is showing no signs of abating and has eroded the accelerated downtrend at 1.6422”.

“The move up is extensive but is being classed as corrective – the charts are indicating that we will see failure circa 1.6565 and ahead of 1.6644/46 – the September high and the 200 month ma”.

“This together with the 200 day ma at 1.6690 to expected to cap the topside”.

“Support is found at 1.6345/ 1.6290 and 1.6160 ahead of the 1.6053 recent low”.

“Longer term we look for losses back to 1.6007/00 (200 week ma and 50% retracement of the move up from 2013) then 1.5721 the 61.8% retracement of the move from 2013”.

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