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GBP/USD points to consolidation near-term – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of a near-term consolidation in the pair.

    Key Quotes

    GBP/USD managed to hold steady yesterday and given the extremely oversold daily RSI we would allow for some near term consolidation”.

    “Ideally we would like to regain 1.4229 the May 2010 low. This was a major support zone for the market, and a recovery above here would add weight to the idea of a corrective rebound”.

    “The 1.4229 level was the last defence for the 1.3502 January 2009 low”.
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