In light of the recent price action, Cable could now open the door for a rebound, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD spent last week oscillating at the 200 day moving average. It has also sold off to the January 2018 low at 1.3458 which is offering some short-term support. Very near term we would allow for a rebound”.
“Intraday rallies are likely to find resistance at circa 1.3695/1.3712 (March low). Rallies are expected to remain capped by the 1.3930 55 day moving average and while below here the market will remain directly offered”.
“Slightly longer term, we look for a slide to the 55 week ma at 1.3394″.
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