GBP/USD to extend its correction lower towards the 1.3569 mark – Commerzbank
|GBP/USD is on the defensive as it trades around 1.3650 after failing at the 1.3851 200-day moving average (DMA). Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cable to fall towards the 1.3569 mark.
GBP/USD to climb towards 1.3914 on a break above the 200-DMA
“GBP/USD is easing back from the 200-DMA at 1.3851. The cable has failed here for now and even though the move lower appears to be corrective, the market is on the defensive.”
“Below the market we have 1.3569, the 12th October low ahead of the 1.3411 recent low.”
“A move above the 200-DMA should see further gains to 1.3914 (mid-September high). Resistance at 1.3914 guards the more important 1.3984/1.4018 medium-term pivot.”
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.