GBP/USD Neutral Bias Persists – Commerzbank
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s bias remains tilted to the neutral side for the time being.
“GBP/USD is in the middle of its range but remains below initial resistance at 1.4665. We have a negative bias but will need to close below the 1.4291 uptrend to confirm. Overhead lies the 200 day ma at 1.4727 and the recent high at 1.4768. Dips lower should find support 1.4333/1.4291, where it is likely to attempt to stabilise – we are neutral”.
“Only on a close below the 1.4291 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”.