GBP/USD still targets 1.3502 in the longer run – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the 1.3502 level remains on the cards in the long-term horizon.

Key Quotes

“GBP/USD remains capped by the 2016 downtrend at 1.4335. Above here overhead resistance is intense, the recent high lies at 1.4457, then the 1.4568 April 2015 low and the 1.4665 February 2016 high, these maintain our negative bias”.

“Support lies at 1.4085/05, a close below here should trigger losses to the 1.3837 29th Feb low. Our negative bias and downside target remains the 1.3502 2009 low”.

“Below 1.3500 our primary target will be 1.2750, the 78.6% retracement”.