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GBP/USD consolidating – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, sees GBP/USD pair consolidating in the near term, with negative bias intact if it fails to break the 1.6184 resistance.

Key Quotes

“GBP/USD is consolidating very near term and we believe formed a minor low at 1.5592 last week but minor resistance at 1.5735/37 needs to be overcome to confirm and trigger recovery to the 1.5792 November 7 low.”

“Potentially stronger rallies are expected to find good resistance offered by the 1.5855 November 2013 low and then by the 1.5913 four month downtrend line.”

“Key resistance remains at 1.6184, the October 21 high. While capped here, an overall negative bias remains intact. The 1.5595/92 recent lows are regarded as the break down point to 1.5320, the 78.6% retracement of the move from 2013.”

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