GBP/USD looks to challenge recent highs at 1.3614 - Commerzbank

Dhwani Mehta FXStreet

In the view of Karen Jones, Analyst at Commerzbank, the GBP/USD pair is poised to test the recent highs of 1.3614, after it recently broke above its 2014-14 downtrend.

Key Quotes:

“GBP/USD has eased back to the 2-month uptrend at 1.3459, which is holding. While above here it remains immediately bid and we should see a challenge to recent highs at 1.3614/58, made in September and January. It has recently broken above the 2014-2017 downtrend and this has introduced scope to the 1.3658/71 September high and double Fibonacci retracement.“

“Below the 1.3459 would retarget the 1.3300 support and the 1.3265 2014-17 uptrend – this represents the breakdown point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement.”

“The 2014-2017 downtrend line has been eroded to target the 1.3658/71 double Fibo. Above here would target 1.3836 the February 2016 low.“

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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