GBP/USD: SCOPE FOR A SUBSTANTIAL RECOVERY TO THE 1.4018 MARK – COMMERZBANK
GBP/USD has reversed just ahead of the initial target of analysts at Commerzbank at 1.3592/71. The pair has recaptured the 1.37 line and rallies could reach the pivot of 1.4018.
POTENTIAL FOR THE 200-WEEK MA AT 1.3146 ON A BREAK BELOW 1.3571
“Rallies will find initial resistance at the 200- day ma at 1.3795 ahead of the 1.3816 accelerated downtrend. This guards the 55-day ma at 1.3857 and the more important 1.3984/1.4018 medium-term pivot, which is expected to contain the topside.”
“Below 1.3571 would introduce scope longer term for a move back to the 200-week ma at 1.3148. We have a 50% retracement level at 1.3457 of the move up from September 2020.”