GBP/USD strong resistance lies around 1.4330 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s upside momentum should find tough resistance around the 1.4330 area.

Key Quotes

“GBP/USD saw a large bounce from 1.4014 – it was very nearly a key day reversal, but not quite and the Elliott wave count still suggests it will fail circa 1.4333, the May low”.

“Resistance here is reinforced by the previous uptrend, which should now act as resistance at 1.4329. For now we stay negative”.

“Initial support lies 1.4014/05 area where the recent and April lows were made and these guard the 1.3837 February low”.