GBP/USD rallies remain corrective only – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, Cable’s occasional rallies remain corrective only for the time being.

Key Quotes

“GBP/USD last week rallied but was thwarted circa 1.2335, we view this strength as corrective only and the market will remain directly offered below here. Below 1.2090 would mean a continuation of the descent with the 1.1938/07 low again targeted en route to 1.1793 and 1.1491”.

“Should resistance at 1.2335 be overcome then this would trigger scope for further gains to the 1.2500 vicinity”.

“We have a resistance line at 1.2688 and will consider that the market remains directly offered below the 1.3056 late September high”.

1. R3 1.2247
2. R2 1.2238
3. R1 1.2230
PP 1.2221
1. S1 1.2213
2. S2 1.2204
3. S3 1.2196

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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