GBP/USD initial support lies at 1.4083/05 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains under pressure with initial support in the 1.4083.05 band.

Key Quotes

“GBP/USD sold off last week and has now eroded the 4 month uptrend at 1.4304. The close below here should cause the chart picture to deteriorate”.

“Initial support line lies 1.4083/05 area where the January and April lows were made and these guard the 1.3837 February low. Very near term we note the 13 count on the 240 minute chart and will wait to sell the rally”.

“Nearby resistance lies at 1.4304 (previous uptrend) and 1.4515 (March high) ahead of 1.4665 (February high)”.