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GBP/USD still a sell on strength – Commerzbank

FXStreet (Edinburgh) - The current rebound could well be seen as an opportunity to short the pair, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD charted an inside day yesterday and we suspect that we will see some near term consolidation”.

“The market has reached and exceeded target of 1.6012/00 (200 week ma and 50% retracement of the move up from 2013)”.

“We would allow for some consolidation to be seen around this zone. But below 1.5950 we will simply allow for another leg lower to take hold and look for losses to 1.5721 the 61.8% retracement of the move from 2013”.

“The daily chart has a downtrend at 1.6359 and while capped here it remains directly offered. Initial resistance is the 20 day ma at 1.6237”.

“We note the TD perfected set up on the intraday chart also suggests a corrective rebound and would sell into rallies”.

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