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GBP/USD still vulnerable – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The sterling remains under pressure in light of the recent sharp sell off, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

    Key Quotes

    GBP/USD charted another weak session on Friday”.

    “It continues to grind lower and has reached 1.4291/29 78.6% retracement and the May 2010 low”.

    “This is a major support zone for the market, the daily RSI is oversold – the risk is it will hold the initial test, but given the strength of the sell off our conviction is low. 1.4229 is the last defence for the 1.3502 January 2009 low”.
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