GBP/USD bullish, could test 1.4777 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes Cable could visit the 1.4770/80 area.

Key Quotes

“GBP/USD has eroded the 1.4665 February high leaving the market well placed to challenge 1.4777, the 200 day ma, we suspect that this will know the initial test – we note the 13 count on the 60 minute chart”.

“The outlook is bullish, the upside measured target from the triangle is 1.5085. We would tighten up stops on longs given how close we are to initial target. Intraday dips should hold 1.4600”.