GBP/USD tested the 1.3836 February 2016 low - Commerzbank

Karen Jones, Analyst at Commerzbank, offers key technical levels for trading GBP/USD today.

Key Quotes:

“GBP/USD has tested overnight the 1.3836 the February 2016 low, various intraday divergences suggest consolidation ahead of psychological resistance at 1.40. The market stays immediately bid above the 1.3486 2 month uptrend. We note the 13 count on the 240-minute chart and would allow for a retracement to 1.3690/1.3620.“

“Below the 1.3486 would retarget the 1.3291 2014-17 uptrend.”

“Short Term Trend (1-3 weeks): The 2014-2017 downtrend line has been eroded to target the 1.3658/71 double Fibo. Above here would target 1.3836 the February 2016 low.”