GBP/USD: Sterling is under pressure – Commerzbank

GBP/USD attention is back on the 1.2247 21st April low as Commerzbank’s Karen Jones notes. 

Key quotes

“The market is currently side lined in a range bordered by 1.2247 and the 200-day ma at 1.2655.” 

“Failure at 1.2247 would push the April low at 1.2163 to the fore. A drop below there is needed to alleviate upside pressure and refocus attention on 1.1491, the 2016 low, and also the March low at 1.1409.”

“While capped by the 200-day ma a neutral to negative bias is maintained.”