FXStreet (Edinburgh) – In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pound could extend its correction lower to the 1.5059/1.5121 band vs. the greenback.
Key Quotes
“GBP/USD came under downside pressure all last week and has now filled the gap available down to 1.5290”.
“We continue to suspect that the market has topped just ahead of key resistance offered by 1.5855/80, the October 2013 low and 50% retracement”.
“We look for a return to the cloud support and May low at 1.5059/1.5121”.
“The 200 week moving average at 1.5882 reinforces overhead resistance. Rallies should now be contained by the 1.5699 21st May high and are likely to find that the 200 day ma now offers good nearby resistance at 1.5541”.
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