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GBP/USD a move to 1.3338/43 not ruled out – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commezbank, does not rule out a visit to the 1.3338/43 band.

Key Quotes

GBP/USD last week eroded the short term downtrend, and continues to try and gain a foothold over the 55 day ma at 1.3248. We remain unable to rule out a move to 1.3338/43. While it holds here, our attention remains on the 1.3076 2016-2017 uptrend. The 1.3076 level represents the break down point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement”.

“The recent October high and the 50% retracement at 1.3338/43 continue to act as a short term ceiling for the market”.

“Above 1.3343 (50% retracement) would trigger a deeper recovery to potentially 1.3417/1.3515, the 61.8% and the 2014-2017 downtrend”.

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