GBP/USD Could Re-Test the Mid-1.4200s – Commerzbank
Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the pair could re-visit the area of 1.4250 in the near term.
“GBP/USD has been rejected by the six month downtrend line at 1.4410 as expected and should soon drop below the 55 day moving average at 1.4247”.
“Above Thursday’s high at 1.4439 lies strong overhead resistance. 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”.