Forex Flash: GBP/USD remains bearish long-term – Commerzbank
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GBP/USD
FXstreet.com (Barcelona) - The sterling is extending its correction lower from tops above 1.5840, breaching the key support at 1.5800 as of writing, although trading well into the positive territory so far.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested that the late rebound would lack of sustainability, as the focus remains on the downside. "We note that the daily RSI has not confirmed the new low and would expect this to hold the initial test, but longer term, we in fact favour a break below here to 1.5271/35, the 2012 low", Jones concluded.
The expert also remarked that upside attempts should find strong resistance in the area around 1.5879.83, where sits the 200-day moving average.
Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested that the late rebound would lack of sustainability, as the focus remains on the downside. "We note that the daily RSI has not confirmed the new low and would expect this to hold the initial test, but longer term, we in fact favour a break below here to 1.5271/35, the 2012 low", Jones concluded.
The expert also remarked that upside attempts should find strong resistance in the area around 1.5879.83, where sits the 200-day moving average.
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