After breaching below the 1.3786 June low, the GBP/USD is trading at approximately 1.3750, around the lowest levels since April. Karen Jones, Commerzbank’s Team Head FICC Technical Analysis Research, retains a bearish stance below the 1.4018 near-term pivot.
“We would allow losses to expand towards the 200-day moving average at 1.3645 and the late May and early June lows at 1.3670/69, we expect this to hold the initial test.”
“We take note of the 13 count on the 240 minute chart and will cover the short position partially for the time being while tightening the stop.”
“While capped by the 1.4018 near-term pivot, the gloomy outlook remains entrenched.”
“The 20-day MA at 1.3969 is the initial resistance.”/n
