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11 Jan 2018
GBP/USD - Intraday dips to find support circa 1.3475/32 - Commerzbank
Commerzbank Head of FICC Technical Analysis Karen Jones says the cross is bid above 1.33 and intraday dips could find support at 1.3475/32 levels.
Key quotes
GBP/USD continues to consolidate/ease lower from just below recent highs at 1.3614/58, made in September and January.
The cross is bid above the 1.3300 level. Intraday dips lower should find initial support circa 1.3475/32.
It has recently broken above the 2014- 2017 downtrend and this has introduced scope to the 1.3658/71 September high and double Fibonacci retracement
Where are we wrong? The 1.3300 support guards the 1.3265 2014-17 uptrend – this represents the breakdown point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement.