GBP/USD tested the 1.3836 February 2016 low - Commerzbank

Dhwani Mehta FXStreet

Karen Jones, Analyst at Commerzbank, offers key technical levels for trading GBP/USD today.

Key Quotes:

“GBP/USD has tested overnight the 1.3836 the February 2016 low, various intraday divergences suggest consolidation ahead of psychological resistance at 1.40. The market stays immediately bid above the 1.3486 2 month uptrend. We note the 13 count on the 240-minute chart and would allow for a retracement to 1.3690/1.3620.“

“Below the 1.3486 would retarget the 1.3291 2014-17 uptrend.”

“Short Term Trend (1-3 weeks): 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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