GBP/USD support emerges at 1.3765 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable is expected to meet support in the 1.3765/1.3658 band.

Key Quotes

“GBP/USD has failed ahead of the short term resistance line, this is currently located at 1.4088. Support is found at the 1.3765 recent low and the 1.3658 September peak and only below here alleviates immediate upside pressure, to negate it we need a close below the 1.3452 2016-2018 uptrend. We have a minor support line at 1.4088 and suspect failure here would be enough to undermine near term stability”.

“Above the resistance line there is scope for a retest of the 1.4345 recent high and the 1.4329 200 week ma. Above 1.4345, the April 2015 low can be seen at 1.4568”.