GBP/USD upside is seen as corrective – Commerzbank

Cable’s current recovery is considered as corrective only, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is seeing a minor near term recovery, this is viewed as corrective only while the rally is capped by 1.4011/67 (6 th February high and 20 day ma). While capped here attention is on the 1.3658 September peak. Key medium term support is the 1.3399 2016-2018 uptrend. We continue to view 1.4345 as an interim top for the market and look for further weakness”.

“Above 1.4400, the April 2015 low can be seen at 1.4568”.