GBP/USD finds short-term support at 1.3458 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, noted that Cable should find near term contention in the 1.3458 level.

Key Quotes

“GBP/USD nears the January 2018 low at 1.3458 which may offer short-term support”.

“Intraday rallies are indicated to terminate at circa 1.3705/1.3805. Rallies are expected to remain capped by the 1.3953 55 day moving average”.

“Slightly longer term, we look for a slide to the 55 week ma at 1.3384”.

“A daily close above 1.4377 will negate our negative bias (not favoured)”.