GBP/USD: Retracement to find some support at 1.3864/1.3755 – Commerzbank
|The GBP/USD pair has failed at the 1.4245 March 2018 high and and is set to test the 1.3864/1.3755, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Key quotes
“GBP/USD has failed just ahead of its initial target at 1.4240 (1.4245 is the March 2018 high) and our profit stops have been hit.”
“We look for a correction lower, dips lower should find some support at the 20-day ma at 1.3864 and at the two-month uptrend at 1.3755.”
“The 55-day ma lies at 1.3683, but our longer-term uptrend is not encountered until 1.3411.”
“Minor resistance lies 1.4090 ahead of 1.4238/44. Our overall target remains the 2018 peak at 1.4377.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.