GBP/USD further losses expected below 1.4278 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees downside pressure gathering further traction on a close below 1.4278.

Key Quotes

“GBP/USD is under pressure very near term following its recent failure at its 200 day ma and is expected to see further losses. Dips lower should find support 1.4333/1.4278, where it is likely to attempt to stabilise – we will for now neutralise our bullish view”.

“Only on a close below the 1.4278 2 month uptrend would the chart picture deteriorate. Below the 2 month support line lies 1.4083/05 area where the January and April lows were made. Nearby resistance lies at 1.4515 (March high) ahead of 1.4665 (February high), intraday rallies are indicated to halt ahead of the first level”.