GBP/USD focused now on 1.4285 – Commerzbank
|In light of recent price action, Cable is now shifting its focus to the 1.4285 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD has eroded the mid-February peak at 1.4145 and attention is on the 1.4285 200 week ma. This is reinforced by the 1.4340/45 recent high and long term Fibonacci retracement”.
“Support is offered by the 66 day ma at 1.3921, below here lies the four month uptrend line at 1.3836. Further support can be seen between the February and the current March lows at 1.3765/12 and also at the 1.3658 September peak”.
“The 1.3658 support guards the 2017-18 uptrend line at 1.3533”.
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