GBP/USD: struggling to maintain upside momentum - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the GBP/USD pair has struggled to maintain moves higher and attention reverts to the 1.3300 nearby strong support. 

Key quotes: 

“We are unable to rule out a small rebound to the 1.3550 December high. The 1.3300 level continues to hold, below here will be needed to alleviate immediate upside pressure and allow for weakness back to the 1.3184 2016-2017 uptrend.”

“It has recently broken above the 2014-2017 downtrend and this has introduced scope to the 1.3658/71  September high and double Fibonacci retracement, however the break higher has not exactly been dynamic and we are having our doubts that this is a valid break.”

“A close below the 1.3157 uptrend will be viewed very negatively.”