The GBP/USD pair witnessed a dramatic turnaround on the first trading day of 2021 and retreated over 160 pips from the 1.3700 mark, or fresh 32-month tops. The cable was last seen trading around 1.3570 and analysts at Commerzbank expect to see a dive towards 1.3540/1.3483 as negative divergence points to a possible retracement lower. Key quotes “GBP/USD nearly reached the 1.3712 February 2018 low by so far rising to 1.3705 before forming a key day reversal yesterday. Since the 1.3705 high has also been accompanied by negative divergence on the daily RSI we expect the 1.3540/1.3483 September and early December highs to be revisited. Further down sit the 1.3350 late December low, the 1.3189 December 21 low and also the 1.3135 December trough.” “Only a rise above 1.3712 on a daily chart closing basis would push the 1.3836 February 2016 low to the fore. Longer-term, the 2018 peak at 1.4377 is being targeted.” “Overall, upside pressure should be maintained while the cable remains above its December low at 1.3135.” FX Street 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 Post By FX Street FXStreet News share Read Next USD: December FOMC Minutes Likely To Emphasize Risks To The Outlook – Barclays Kenny Fisher 11 months The GBP/USD pair witnessed a dramatic turnaround on the first trading day of 2021 and retreated over 160 pips from the 1.3700 mark, or fresh 32-month tops. The cable was last seen trading around 1.3570 and analysts at Commerzbank expect to see a dive towards 1.3540/1.3483 as negative divergence points to a possible retracement lower. Key quotes “GBP/USD nearly reached the 1.3712 February 2018 low by so far rising to 1.3705 before forming a key day reversal yesterday. Since the 1.3705 high has also been accompanied by negative divergence on the daily RSI we expect the 1.3540/1.3483 September and early… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
