GBP/USD: Correcting higher – Commerzbank

GBP/USD is correcting higher near-term. Karen Jones, Team Head FICC Technical Analysis Research, takes a look at the cable’s technical picture.

Key quotes

“Rallies are indicated to fail in the 1.1825/1.2085 band and while capped here a downside bias will remain in force for losses once again to 1.1491, the 2016 low and 1.1409 last weeks low.”

“Below 1.1400 lies the 1985 low at 1.0463.”

“Minor resistance comes in at the 1.1958 September 2019 low and the 1.2194 8 th October low and while capped here rallies will make no impact on the chart.”