GBP/USD upside is seen as corrective – Commerzbank

Pablo Piovano FXStreet

Cable’s current recovery is considered as corrective only, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is seeing a minor near term recovery, this is viewed as corrective only while the rally is capped by 1.4011/67 (6 th February high and 20 day ma). While capped here attention is on the 1.3658 September peak. Key medium term support is the 1.3399 2016-2018 uptrend. We continue to view 1.4345 as an interim top for the market and look for further weakness”.

“Above 1.4400, the April 2015 low can be seen at 1.4568”.

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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