GBP/USD rangebound very near term – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could face a consolidative period in the very near term.

Key Quotes

“GBP/USD’s correction higher fell short of the 1.3534/24 recent high and the 55 day m,a and looks set to consolidate very near term – it remains upside corrective”.

“This correction higher looks set to extend further than we originally thought and we should allow for a rally to 1.3638, the 38.2% retracement and potentially 1.4158, the 61.8% retracement of the recent sell off”.

“The market last week sold off towards and recovered just ahead of the 1.2750/78.6% retracement of the move from 1985 to 2007”.