GBP/USD could struggle around 1.4900 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s upside momentum could struggle in the 1.4900 neighbourhood.

Key Quotes

“GBP/USD has traded above the 200 day ma at 1.4687 for the first time since November 2015 and the market is already challenging the 1.4830 resistance line (this joins highs since February) and the 1.4813/32 2013 lows”.

“Directly above here lies the 1.4906 55 week ma, we expect to the market to struggle here – we highlight the 13 count on the daily chart. Above 1.4906 will target the 1.5120 38.2% retracement of the move down from 2014 and then 1.5514 the 50% retracement”.