GBP/USD remains bid - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the GBP/USD pair remains bid following the break through its downtrend recently.

Key Quotes

“The market recently sold off to and recovered from a 5 month support line, today located at 1.2420.”

“We regard the slide to 1.2444 charted recently as the end of the down move and we look for gains to the 200 day ma at 1.3096. Dips will find initial support at the 55 day ma at 1.2781. Below 1.2444/25 targets the 78.6% retracement at 1.2109.”

“Only a rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 on the cards.”