GBP/USD: Rise above 1.4018 to open the path towards June high at 1.4249 – Commerzbank

In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, GBP/USD is bid above the uptrend at 1.3790. The cable is pointing to hit the 1.4018 medium-term pivot. 

Initial support seen at the near-term uptrend at 1.3775

“GBP/USD is trading back around the 200-day ma, the 55-day ma and its short-term downtrend at 1.3815/1.3790. Whilst this area underpins, we would allow for further near-term gains to the more important 1.3984/1.4018 medium-term pivot.”

“A rise above 1.4018 is needed to rejuvenate the chart to target the February and June highs at 1.428/49.”

“Dips lower will find initial support at the near term uptrend at 1.3775.”

“Below the market, we have strong support offered by the 1.3571 July low and the 55-week ma at 1.3622 and these are expected to act as a floor for the market.”