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GBP/USD consolidating – Commerzbank

FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the GBP/USD pair is sidelined above 1.5592 pair since last week, and needs to over the resistance at 1.5735/37 to see a move upwards.

Key Quotes

“GBP/USD is sidelined above 1.5592 from last week but minor resistance at 1.5735/37 needs to be overcome to confirm scope for a 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 1.5899 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 to1.5320, the 78.6% retracement of the move from 2013.”

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