GBP/USD to hold key support at 1.3567/78, strong resistance at 1.3893/1.3914 – Commerzbank

GBP/USD is holding over key support at 1.3567/78. Initial resistance is seen at the 1.3726/34 area with a stubborn barrier awaiting at the 1.3893/1.3914 one-month highs, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

See – GBP/USD: Modest sterling appreciation favored – ANZ

Break below 1.3571 2021 low to portray a big break down point

“GBP/USD is holding near-term over the 1.3557/78 July low, February low and long-term Fibo, which suggests a reluctance to break down at this stage.”

“Rallies will find initial resistance at 1.3726/34 8th September low. Stronger resistance is found at one-month highs at 1.3893/1.3914. We have no strong bias.”

“The 1.3571/57 low is key and a break below here would represent a big break down point and would target the 1.3504 January 2009 low and introduce scope to the 200-week ma at 1.3161.”