GBP/USD could test 1.5232 – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is the possibility that the pair could climb towards 1.5232.

Key Quotes

“GBP/USD as suspected we saw recovery ahead of the 1.4860/78.6% retracement of the move up from April and we note that the near term resistance line has been eroded”.

“Currently we remain unable to rule out an extension to the 1.5232 55 day ma and the 1.5312 3 month downtrend”.

“Nearby key support is the 1.4897/60 recent low and Fibo. Support at 1.4860 is regarded as the last defence for the 1.4577 April low”.
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Source:: FX Street