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GBP/USD: Reversal pattern completed - Commerzbank

In view of Karen Jones, analyst at Commerzbank, GBP/USD pair has completed a reversal pattern, after it eroded the 9 month downtrend last week.

Key Quotes

“The market last week sold off to and recovered from a 5 month support line, today located at 1.2429. We regard the slide to 1.2444 charted recently as the end of the down move. We look for gains to the 200 day ma at 1.3121. Below 1.2444/29 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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