GBP/USD resistance lies in the 1.4340/45 band – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable’s faces string resistance in the 1.4340/45 band.

Key Quotes

“GBP/USD has reached the near term downtrend, today located at 1.4213. Between here and the 200 week ma at 1.4244 we should see the market struggle. Resistance is reinforced by the 1.4340/45 recent high and long term Fibonacci retracement”.

“Failure here should see a slide back to the five month uptrend line at 1.3968. Further support can be seen between the February and the March lows at 1.3765/12 and also at the 1.3658 September peak. The market is side-lined, but intraday Elliott wave counts are more positive”.

“The 1.4345 high guards the 1.4565 April 2015 low and the 1.5000 region”.