GBP/USD: Sterling slumps lower, holding above 1.3640 is key to see a consolidation – Commerzbank
|GBP/USD dipped below the 1.3670 double-bottom on the UK's "Freedom Day". The pair would target the 1.3504/1.3457 region on a break below 1.3640, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Cable has sold off to the March and April lows
“GBP/USD has sold off to the March and April lows at 1.3670/69. This may provoke some near-term consolidation.”
“Failure at 1.3640 would target 1.3504/1.3457, the 55-week ma and the 50% retracement of the move higher from September 2020. Failure here would target the 200-week ma at 1.3134.”
“Initial resistance lies at 1.3913, last week's high ahead of the 1.3999/55-day ma.”
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.