GBP/USD under pressure, supported at 1.4083/05 – Commerzbank

Cable remains under pressure, with the initial support seen in the 1.4083/05 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD as highlighted yesterday we saw a 13 count intraday and were likely to see a rebound, this has been seen and the market appears to be back under pressure”.

“Rallies should struggle circa 1.4365 and following the erosion of the 4 month uptrend should then come under pressure”.

“Initial support lies 1.4083/05 area where the January and April lows were made and these guard the 1.3837 February low”.