GBP/USD further losses below 1.2347 - Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, a break below 1.2347 could prompt Cable to test sub-1.2000 levels.

Key Quotes

“Sterling failed to close above near term resistance at (1.2579/81 February 9 th high, and the 78.6% retracement), and seen quite emphatic rejection from here. It has now broken below the 55 and 100 day moving averages and is on the defensive. Intraday Elliott counts are conflicting. Below 1.2347 (Feb low) would cast attention back to the 1.2110 recent low. This is considered to be the last defence for the 1.1988 January low and the bottom of the 5 month range at 1.1903”.

“Key near term resistance is the top of the channel at 1.2641. 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”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2408

36% Bullish
64% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2227

5% Bullish
80% Bearish
15% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2116

9% Bullish
73% Bearish
18% Sideways

Bias Bearish

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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