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GBP/USD: End of the down move – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the GBP/USD has recovered from a 5 month support line, today located at 1.2442 after its recent sell-off and is probable that the slide to 1.2444 represented the end of the down move.

Key Quotes

“The market would need to overcome the 2018-2019 resistance line at 1.2837 to confirm. 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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