GBP/USD: Downside Target Remains 1.3502 - Comerzbank

GBP/USD: Downside Target Remains 1.3502 - Comerzbank

24 March 2016, 08:34
Roberto Jacobs
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GBP/USD: Downside Target Remains 1.3502 - Comerzbank

Axel Rudolph, Analyst at Commerzbank, as part of his daily trade recommendation, suggests to attempt tiny shorts in GBP/USD at 1.4420, 1.4500 stop 1.4570, exit 1.4320. His downside target remains at 1.3502 2009 low.

Key Quotes

GBP/USD probe the January low at 1.4083 around which it may short term stabilize. While the 1.4568 April 2015 low and the 1.4665 February 2016 high cap, our downside target will remain to be the 1.3502 2009 low, though. Below 1.3500 our primary target will be 1.2750, the 78.6% retracement.

While we would allow for a very near term rebound ahead of further losses GBP/USD will remain directly offered intraday below 1.4290, the 55 day moving average.

Key short term support is 1.4083/56, this guards the 1.3837 29th Feb low. Current trade: None. Recommended Trade: Attempt tiny shorts 1.4420, 1.4500 stop 1.4570, exit 1.4320.

(Market News Provided by FXstreet)

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