GBP/USD Bearish Below 1.4664 – Commerzbank
Senior Analyst at Commerzbank Axel Rudolph noted the bearish bias of the pair while below 1.4664.
“GBP/USD ran out of steam below the six month downtrend line at 1.4419”.
“Above here overhead resistance is intense. It consists of the 1.4457/1.4515 recent highs and then the 1.4568 April 2015 low as well as the 1.4664 February high”.
“While the latter caps, we will retain our overall negative bias. We now target the 55 day moving average at 1.4250. Further support lies at 1.4083/05, between the January and current April lows. A close below there should trigger losses to the 1.3837 February 29 low”.
“Our medium term downside target remains the 1.3502 2009 low. Below 1.3500 our primary target will be 1.2750, the 78.6% Fibonacci retracement”.