GBP/USD remains bearish below 1.4474 – Commerzbank

FXStreet (Edinburgh) - In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the offered tone is set to remain around GBP below the 1.4474 level.

Key Quotes

“GBP/USD has seen another down session and traded below 1.4228 the May 2010 low. This was a major support zone for the market, the daily RSI is oversold – and we would tighten stops on any shorts. The 1.4229 level was the last defence for the 1.3502 January 2009 low”.

“Directly above the market lies the accelerated downtrend at 1.4474, in order to alleviate downside pressure, a close above here will be needed”.