GBP/USD probable test of 1.4099 – Commerzbank

Cable could extend the upside to the boundaries of the 1.4100 handle, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD held relatively steady last week and we remain unable to rule out another attempt on the short term resistance line, this is currently located at 1.4099. Support is found at the 1.3765 recent low and the 1.3658 September peak and only below here alleviates immediate upside pressure, to negate it we need a close below the 1.3452 2016-2018 uptrend”.

“Above the resistance line there is scope for a retest of the 1.4345 recent high and the 1.4329 200 week ma. Above 1.4345, the April 2015 low can be seen at 1.4568”.