GBP/USD now looks to 1.2984 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, hinted at the idea that Cable might now look to the 1.2980 area following recent tops around 1.3340.
Key Quotes
“GBP/USD’s correction extended higher last week, and has reached the 50% retracement at 1.3343. This will ideally cap the market and attention should then revert to the 1.2984 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”.
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