GBP/USD consolidation seen near term – Commerzbank

Pablo Piovano FXStreet

In light of yesterday’s price action, Cable could face some consolidation in the short-term horizon, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD yesterday charted an inside day and we may see some near term consolidation. Attention is on the 1.3658 September peak and while capped by the 1.4004/67 6 th February high and 20 day ma the market remains offered”.

“Key medium term support is the 1.3399 2016-2018 uptrend. We continue to view 1.4345 as an interim top for the market and look for further weakness”.

“Above 1.4400, the April 2015 low can be seen at 1.4568”.

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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