GBP/USD scope for a visit to 1.4012/1.3988 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is room for a probable test of the 1.4012/1.3988 band.

Key Quotes

“Last week we saw GBP/USD fail just ahead of the 1.4272 200 week ma and the 1.4340/45 recent high and long term Fibonacci retracement. We look for some further near term weakness and look for a slide to the 20 and 55 day ma at 1.4012/1.3988. Below here lies the four month uptrend line at 1.3902. Further support can be seen between the February and the current March lows at 1.3765/12 and also at the 1.3658 September peak”.

“The 1.4345 high guards the 1.4565 April 2015 low and the 1.50 region”.