GBP/USD: Negative bias below the 1.4018 near-term pivot – Commerzbank

GBP/USD is mildly bid around 1.3850. As the pair stays below the 1.4018 level, Karen Jones, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cable to fall towards the 1.3786 June low initially.

Cable targets the March and April lows at 1.3670/69

“GBP/USD again sold off yesterday. The negative outlook remains entrenched while capped by the 1.4018 near-term pivot.” 

“We look for a retest of the 1.3786 June low and would allow for losses to the 200-day ma at 1.3636 and the late May and early June lows at 1.3670/69.”