GBP/USD outlook stays neutral – Commerzbank

Pablo Piovano FXStreet

Cable’s stance remains neutral in the near term, according to Senior Technical Analyst at Commerzbank Axel Rudolph.

Key Quotes

“Sterling based at 1.2110 and reached the 1.2423/32 resistance zone, made up of the January 5 high and the two month resistance line. Further up the seven month resistance line can be seen at 1.2478. This we expect to cap today. Above it sits the 1.2581 February 9^th high”.

“Only above the 1.2705 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 1.1919”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bearish	Overbought	High
1H	Bullish	Neutral	High
4H	Bullish	Overbought	Shrinking
1D	Strongly Bearish	Oversold	Low
1W	Strongly Bearish	Neutral	Low
Updated Mar 21, 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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