Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair still vulnerable, especially on a close below 1.4229.
Key Quotes
“GBP/USD tried to overcome the 55 day moving average on a closing basis but so far has failed to do so and we note the TD perfected set up on the daily chart, this suggests failure”.
“We will attempt new short positions as it also faces the twin perils of 1.4568, the April 2015 low and the 1.4665 February 2016 high and is expected to struggle”.
“A close below the 1.4229 near term support line should de-stabilise the near term chart”.
(Market News Provided by FXstreet)
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