GBP/USD neutral to negative – Commerzbank
|Cable’s outlook is seen neutral to negative for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“Last week we saw the market perform a key day reversal (only just) and the new high was accompanied by a divergence of the daily and weekly RSI. As a consequence we suspect that this week we will see the market come under downside corrective pressure. We would allow for a dip back to the 1.2929 near term uptrend (virtually already seen). It will need to close below here in order to negate upside pressure and retarget 1.2775/50. Above 1.3126 will target the 1.3446/60 September 2016 high. Key support remains 1.2775/50”.
“The market should now find decent support circa 1.2775/50. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2585/1.2611”.
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