Home GBP/USD: Near-term uptrend eroded – Commerzbank

GBP/USD: Near-term uptrend eroded – Commerzbank

Updated: 7 May. 2020 | 08:27

GBP/USD has eroded the near-term support line. Karen Jones, Team Head FICC Technical Analysis Research, analyzes the cable technically.

Key quotes

“GBP/USD has started to erode the near-term uptrend at 1.2358 and failure here targets the 21st April low at 1.2247. This is negative price action and failure at 1.2247 would push the current April low at 1.2163 to the fore.”

“Rallies will find initial resistance at 10.2437/45 (55-day ma) ahead of the 200-day ma at 1.2651.”

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.