GBP/USD downside alleviated for now – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable is now focusing on the key 200-day sma around 1.4690.

Key Quotes

“GBP/USD last week saw a huge bounce from 1.4014 – it a key day reversal, and given the size of the bounce the market is approaching the 200 day m at 1.4690 with some force. Resistance here is reinforced by the recent highs 1.4739/68”.

“Initial support lies 1.4455/1.4417 ahead of 1.4333 and only below here will cast attention back to the 1.4014 low”.