According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a test of 1.4230.
Key Quotes
“GBP/USD is upside corrective very near term and has already reached the January low at 1.4083”.
“There is scope for recovery to the 20 day ma at 1.4230. We suspect rallies will remain shallow and maintain our downside target remains 1.3502 the 2009 low”.
“Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985”.
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