GBP/USD 1.4770 still on the cards – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is still room for a visit to the 1.4770 area.

Key Quotes

“GBP/USD remains capable of challenging 1.4772, the 200 day ma, we suspect that this will fail on the initial test – we note the 13 count on the 60 minute chart”.

“We would tighten up stops on longs given how close we are to initial target”.

“Intraday dips should hold 1.4600. Beyond some probable profit taking around the 200 day ma, the overall outlook is bullish, the upside measured target from the triangle is 1.5085”.