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The GBP/USD pair has failed at the 1.4245 March 2018 high and and is set to test the 1.3864/1.3755, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“GBP/USD has failed just ahead of its initial target at 1.4240 (1.4245 is the March 2018 high) and our profit stops have been hit.” 

“We look for a correction lower, dips lower should find some support at the 20-day ma at 1.3864 and at the two-month uptrend at 1.3755.” 

“The 55-day ma lies at 1.3683, but our longer-term uptrend is not encountered until 1.3411.” 

“Minor resistance lies 1.4090 ahead of 1.4238/44. Our overall target remains the 2018 peak at 1.4377.”

 

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