GBP / USD is moving around 1.4150, away from the highs, as the pair charted a key reversal on Tuesday. Later, Karen Jones, Head of the FICC technical analysis research team at Commerzbank, has turned her gaze downward. The initial support is seen at 1.4123.
To the upside above the uptrend at 1.3868
“GBP / USD failed to break above 1,423 / 45 yesterday (this is the recent high and the high of March 2018). The new high was accompanied by a large divergence from the daily RSI and indeed it charted a key reversal on the day. “
“Our attention has returned to the downside and loss of the 20-day moving average at 1.4123 should refocus attention on the nearby support at 1.4000 / 18. Down here are the uptrends at 1.3868 and 1.3933 ”.
“The Long-term view will remain positive above uptrends at 1.3868 and 1.3933. We eventually seek gains through 1.4245 to 1.4377, the 2018 high. “
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