GBP/USD a test of 1.35/1.36 remains on the cards – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could still visit the 1.35/1.36 band.

Key Quotes

“GBP/USD continues to correct higher near term. The Elliott wave count is pointing to a corrective rebound into the 1.3500 and then 1.3600 area, which is fairly tepid (this would not even represent a 38.2% retracement, which lies at 1.3652). We have a support line at 1.3354, which guards the 1.3204 recent low. Below 1.3200 will trigger losses to the 1.3040 October low”.

“The March low lies at 1.3712 and this should offer a tough near term barrier. Rallies are expected to remain capped by the 1.3727 55 day moving average and while below here the market will remain directly offered”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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