GBP/USD consolidation seen near term – Commerzbank

In light of yesterday’s price action, Cable could face some consolidation in the short-term horizon, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD yesterday charted an inside day and we may see some near term consolidation. Attention is on the 1.3658 September peak and while capped by the 1.4004/67 6 th February high and 20 day ma the market remains offered”.

“Key medium term support is the 1.3399 2016-2018 uptrend. We continue to view 1.4345 as an interim top for the market and look for further weakness”.

“Above 1.4400, the April 2015 low can be seen at 1.4568”.