GBP/USD support seen at 1.4333/1.4261 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable should remain well supported in the 1.4333/1.4261 area.

Key Quotes

“GBP/USD has recently charted a key day reversal from its 200 day ma and is expected to see further losses. Dips lower should find support 1.4333/1.4261, where it is likely to attempt to stabilise – we will for now neutralise our bullish view”.

“Only on a close below the 1.4254 2 month uptrend would the chart picture deteriorate. Below the 2 month support line lies 1.4083/05 area where the January and April lows were made”.

“Nearby resistance lies at 1.4515 (March high) ahead of 1.4665 (February high), intraday rallies are indicated to halt ahead of the first level”.