The GBP/USD is struggling to gain traction as the 200-day moving average (DMA) at 1.3851 limits gains for now. Karen Jones, head of Commerzbank’s technical analysis research team, expects the pound to remain under pressure.
GBP / USD may see further gains towards 1.3914 with a move above the 200 DMA at 1.3851
“GBP / USD remains stable just below the 200 DMA at 1.3851, we are concerned that this zone will continue to cap the top and there is an alert for an idea of failure here.”
“The provisional support stands at 1.3720, the DMA of 55. Below awaits the low of October 12 at 1.3569 while awaiting the recent low of 1.3411. “
“A move above the 200 DMA should see more gains towards 1.3914 (mid-September high) and we suspect we will need to regain this resistance to regenerate further momentum to the upside. “
“Resistance at 1.3914 protects the most important medium-term pivot 1.3984 / 1.4018.”
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