GBP/USD to plummet towards the 1.3571 July low – Commerzbank

GBP/USD remains under pressure as the cable trades below the 1.4018 pivot. Initial support is seen at the 1.3786 mark, as Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes.

Sterling under pressure

“GBP/USD eased lower yesterday. Initial resistance is the 55-day ma at 1.3913 but while capped by the 1.4018 pivot, the market maintains a negative bias.”

“Initial support is the 1.3786 21st June low ahead of 1.3735 2nd July and the 1.3669 April low.” 

“The 200-day ma lies at 1.3776.”

“Our target is the 1.3571 July low.”