GBP/USD Rallies Could Struggle Near 1.4316 – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes bullish attempts could run out of legs in the low-1.4300s.
Key Quotes
“GBP/USD spent the week correcting higher. It is now approaching the 1.4316 downtrend”.
“We suspect rallies will capped here and maintain our downside target of 1.3502 the 2009 low”.
“Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985.The January low at 1.4083 will act as nearby support”.
“A close above the downtrend at 1.4316 would alleviate downside pressure and signal the start of a deeper recovery to potentially 1.4635, the 38.2% retracement”.
(Market News Provided by FXstreet)
Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes bullish attempts could run out of legs in the low-1.4300s.
Key Quotes
“GBP/USD spent the week correcting higher. It is now approaching the 1.4316 downtrend”.
“We suspect rallies will capped here and maintain our downside target of 1.3502 the 2009 low”.
“Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985.The January low at 1.4083 will act as nearby support”.
“A close above the downtrend at 1.4316 would alleviate downside pressure and signal the start of a deeper recovery to potentially 1.4635, the 38.2% retracement”.
(Market News Provided by FXstreet)
