GBP/USD: has eroded the 1.3658/71 September high and double Fibonacci retracement - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the GBP/USD pair has eroded the 2014-2017 downtrend line and a subsequent move above the 1.3658/71 double Fibo. now opens room for a test of 1.3836 the February 2016 low.

Key quotes:

“GBP/USD has recently eroded the 1.3658/71 September high and double Fibonacci retracement. The weekly close above here targets 1.3836 the February 2016 low then psychological resistance at 1.40.”

“The market stays immediately bid above the 1.3477 2 month uptrend. Below the 1.3477 would retarget the 1.3291 2014-17 uptrend.”

“We note the 13 count on the 240 minute chart and would allow for a retracement to 1.3680/1.3590.”