GBP/USD could test 1.4345 while above 1.3930 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, sees Cable could visit 1.4345 while above the 1.3930 area.

Key Quotes

“GBP/USD has risen above the three month resistance line at 1.3906 and the previous March high at 1.3930 and nearly touched the 1.4000 mark. Above it the late February can be spotted at 1.4070”.

“Support below the 55 day moving average at 1.3866 comes in along the five month uptrend line at 1.3786. Still further support comes in between the February and the current March lows at 1.3765/12 and also at the 1.3658 September peak. Short term we expect this support zone to hold. Should this not be the case, we would have to allow for the 2017-18 uptrend line at 1.3539 to be reached. Only a close below it would confirm the end of the medium term up move”.

“Above the 1.3930 level there is scope for a retest of the 1.4345 January high and the 1.4299 200 week moving average”.