GBP/USD: Under pressure below 1.4018, scope for a dive to July lows at 1.3571 – Commerzbank

GBP/USD remains pressured towards 1.3800. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank allows for a slump to the 1.3571 July low as long as the cable trades below the 1.4018 mark. 

Negative bias below the 1.4018 pivot

“GBP/USD while capped by the 1.4018 pivot, the market maintains a negative bias.”

“Intraday dips lower are likely to find some support around 1.3800.”

“Initial support is the 1.3786 21st June low ahead of 1.3735 2nd July.”

“The 200-day ma lies at 1.3769. Our target is the 1.3571 July low.”