GBP/USD set to retest last week high at 1.4018 – Commerzbank

The GBP/USD pair continues to hold over the 55-day moving average at 1.3794 as the dollar weakens post the Federal Reserve decision. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cable to retest the last week high of 1.4018. 

Key quotes

“GBP/USD continues to hold over the 55-day ma at 1.3794, Elliott waves are all positive and we look for a further upside attempt. Provided that this holds, we would allow for a retest of 1.4018 (last week's high), and this guards 1.4238/44 (the recent high).” 

“Above 1.4245 would target the 2018 peak at 1.4377.”