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GBP/USD upside could struggle near 1.4301 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could find strong resistance around 1.4301.

    Key Quotes

    GBP/USD is still approaching the 1.4301 four month downtrend”.

    “We suspect rallies will be capped here and maintain our downside target of 1.3502, the 2009 low”.

    “Below 1.3500 our primary target will be 1.2750, the 78.6% retracement. The January low at 1.4083 should act as nearby support”.

    “A close above the downtrend at 1.4316 would alleviate downside pressure and signal the start of a deeper recovery to potentially 1.4664, the February high”.
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