GBP/USD bid above 1.2416/1.2391 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable stays bid while above the 1.2416/1.2391 band.

Key Quotes

“Sterling is approaching the 1.2579/81 February 9 th high, and the 78.6% retracement and we would allow for this to hold the initial test. It remains the break up point to the 1.2648 top of the channel. The market is immediately bid above the 20 and 55 day ma at 1.2416/1.2391”.

“Only above the 1.2707 February high would allow for further strength to the 1.2776 December high to be seen. Between it and 1.2836 lie several Fibonacci retracements and major resistance and we suspect that it will fail there”.

“The recent low at 1.2110 is considered to be the last defence for the 1.1988 January low and the bottom of the 5 month range at 1.1909”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Neutral	High
1H	Bearish	Neutral	Shrinking
4H	Slightly Bullish	Overbought	Low
1D	Bullish	Oversold	High
1W	Strongly Bearish	Neutral	Low
Updated Mar 24, 10:00 GMT

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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