GBP/USD finds support in the 1.3966/77 band – Commerzbank

Cable should find initial support in the 1.3966/77 band, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is struggling just ahead of the 1.4272 200 week ma and the 1.4340/45 recent high and long term Fibonacci retracement. Support is offered by the 55 day ma at 1.3966/77. Below here lies the four month uptrend line at 1.3869. Further support can be seen between the February and the current March lows at 1.3765/12 and also at the 1.3658 September peak”.

“The 1.4345 high guard the 1.4565 April 2015 low and the 1.50 region”.