GBP/USD upside pressure mitigated below 1.3765/1.3658 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s upside pressure should alleviate below the 1.3765/1.3658 band.

Key Quotes

“GBP/USD last week we saw the market rally towards and be rejected by the short term resistance line, which is currently located at 1.4155. . Support is found at the 1.3765 recent low and the 1.3658 September peak and only below here alleviates immediate upside pressure, to negate it we need a close below the 1.3425 2016- 2018 uptrend”.

“Above the resistance line there is scope for a retest of the 1.4345 recent high and the 1.4357 200 week ma Above 1.4400, the April 2015 low can be seen at 1.4568”.