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GBP/USD: End of the down move - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that GBP/USD is likely to witness some consolidation, after the market last week sold off to and recovered from a 5 month support line, today located at 1.2436.

Key Quotes

“GBP/USD is struggling near term to clear the 9 month downtrend at 1.2812.”

“We regard the slide to 1.2444 charted last week as the end of the down move. The market will need to overcome the 2018-2019 resistance line at 1.2812 to confirm (favoured). This would target initially the 200 day ma at 1.3139. Below 1.2444/38 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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