GBP/USD interim peak at 1.4377 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could have carved an interim top in the 1.4380 area.

Key Quotes

“GBP/USD’s failure to chart a weekly close above its 200 week moving average at 1.4229 has provoked a key week reversal. This in addition to the close below the 6 month uptrend and 55 day ma on Friday marks 1.4377 as an interim peak. Below the six month uptrend line support lies at the February and the March lows at 1.3765/12 and also at the 1.3658 September peak”.

“A daily close above 1.4377 is required to confirm that the cross is ready to resume its bull trend. The 1.4377 April 17 high guards the 1.4565 April 2015 low and the 1.4957 2007-2018 resistance line”.