GBP/USD to head back lower towards 1.3162 after a small rebound – Commerzbank

GBP/USD is seeing a minor bounce higher. Nonetheless, the pair is set to remain under pressure and turn back lower towards the 1.3162 mark, Karen Jones, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. 

Negative below the 55-DMA at 1.3666

“GBP/USD is seeing a tiny bounce higher. The market last week sold off into new lows for the year, these were not confirmed by the daily RSI.”

“Beyond a minor bounce, the cable is likely to remain under pressure and on course for the 200-week ma at 1.3162.”

“Interim resistance lies at 1.3607. The market stays offered while capped by the 55-day ma at 1.3666.”