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GBP/USD: Down-move looks over stretched - Commerzbank

Karen Jones, analyst at Commerzbank, points out that GBP/USD pair’s correction higher baulked at the 55 day ma at 1.2802 and this resistance is reinforced by the 2018-2019 resistance line at 1.2843.

Key Quotes

“The emphatic rejection of the market has seen an erosion of 1.2479/77 – the lows charted in mid-December. We have a new low of 1.2444, the move looks over stretched and has not been confirmed by the daily RSI and we would allow for some near term consolidation. Below 1.2444 targets the 78.6% retracement at 1.2109.”

“Only a rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 on the cards.”

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