Karen Jones, analyst at Commerzbank, notes that GBP/USD has recently sold off to and reversed from the January low at 1.2444, given the divergence of the daily RSI we would allow for a deeper retracement.

Key Quotes

“It is bid very near term and attention has reverted to the resistance line at 1.2638, currently we would allow for near term gains towards the 55 day ma at 1.2731. Key resistance remains the 1.2772/84 mid February low and June high. Support at 1.2444/35 is regarded as the last defence for 1.2108, the 78.6% retracement of the move up from 2016.”

“A rise above the June high at 1.2784 would indicate that a bottom is being formed.”

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