Gbp / usd may well test the 1.24 area
Gbp / usd may well test the 1.24 area
According to Commerzbank analysts, the pound may try to test the area of 1.2374 / 1.2407.
Key points
"Pounds formed a short term, failing to close below 1.2142 (78.6% correction), and now intends to again test area 1.2374 / 1.2407 (55- and 100 -day ma). Above resistance at 1.2583 (maximum of 9 February), but only above 1.2658 would open the market channel path to the December high of 1.2776. Between this level and 1.2836 mark are several levels of Fib and key resistance, so the price will be difficult to overcome this area.
Recent low at 1.2109 is the last line of defense before the low of January at 1.1988 and the base of a 5-month range at 1.1919. "
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