GBP/USD shifted its attention to 1.4377 – Commerzbank

In light of the recent price action in Cable, Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested that a daily close above 1.4377 is needed to allow extra upside.

Key Quotes

“GBP/USD’s rise to its current April high at 1.4377 has been followed by a swift setback towards the 1.4145 mid-February high. Below it sit the late February high at 1.4070, the 55 day moving average and six month uptrend line at 1.4013/02”.

“A daily close above 1.4377 is required to confirm that the cross is ready to resume its bull trend. The 1.4377 April 17 high guards the 1.4565 April 2015 low and the 1.4957 2007-2018 resistance line”.

“The currency pair stays bid while trading above the six month uptrend line at 1.4002. Minor support above it comes in at the 1.4245 March high and at the 1.4145 mid-February high”.