GBP/USD: Taking another hit – Commerzbank

GBP/USD continues its recent descent towards the current April low at 1.2163, Axel Rudolph, a Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“A drop below 1.2163 is needed to alleviate upside pressure and refocus attention on 1.1491, 2016 low, and also the March low at 1.1409.”

“Minor resistance above the 1.2486 late March high can be seen along the 55-day moving average at 1.2552.”