GBP/USD strong resistance lies near 1.3340 – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s up move could find it difficult to extend beyond the 1.3340 area.

Key Quotes

“GBP/USD’s correction higher is expected to struggle ahead of the 20 day ma at 1.3339. Attention should then revert to the 1.2953/15 2016-2017 uptrend. This is the break down point to the 1.2830 38.2% retracement and the 1.2575 50% retracement. The market has recently failed at the 1.3557 2014-2017 downtrend and is viewed negatively”.

“Above 1.3344 (50% retracement) would trigger a deeper recovery to potentially 1.3418/1.3524”.

“A close above 1.3670 will open the way to the 1.3836 February 2016 low and the 50% retracement at 1.4341”.

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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