FXStreet (Edinburgh) – According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair needs to clear the 1.4308/66 band in order to alleviate downside pressure.
Key Quotes
“GBP/USD reversed last week from 1.4083 and is trying to break through its two month downtrend at 1.4308 which caps for now”.
“In order to alleviate downside pressure, a close above here and the recent high at 1.4366 will be needed”.
“This looks increasingly likely and we will tighten stops on our short positions and exit on minor dips to 1.4250”.
(Market News Provided by FXstreet)