Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair facing initial support around 1.4083.
Key Quotes
“GBP/USD came under increasing down side pressure yesterday following the failure to overcome the 55 day moving average on a closing basis and the TD perfected set up on the daily chart”.
“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”.
“Support at 1.4083, the 21st January low guards the 1.3837 end of February low”.
(Market News Provided by FXstreet)