GBP/USD: Preserving a negative bias – Commerzbank

GBP/USD retains its negative bias while below the 200-day ma at 1.2651, according to Alex Rudolph from Commerzbank.

Key quotes

“GBP/USD’s outlook stays negative below the 200-day moving average at 1.2651 where it failed last week.” 

“We look for a slide back towards the current April low at 1.2163. A drop below there is needed to alleviate upside pressure and refocus attention on 1.1491, the 2016 low and the March low at 1.1409.”