GBP/USD to knock down the 1.4018 March high – Commerzbank

GBP/USD has rallied to and so far failed at key resistance offered by 1.4018, the March high. Cable should now stabilize and re-try the topside as Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is looking for further US dollar weakness.

GBP/USD to hold off the nine-month uptrend at 1.3680

“Near-term dips are indicated to hold around 1.3825 and should find some initial support offered by the 20-day ma at 1.3815 and the previous downtrend at 1.3777. 

“A close above 1.4018 will target 1.4238/45, the recent high and the March 2018 high.” 

“Dips lower will find additional support at 1.3717, the mid-April low, and be contained by the nine-month uptrend line at 1.3680.”