GBP/USD to rise towards the 1.3984/1.4018 resistance – Commerzbank

The GBP/USD pair is bid near-term following its bounce off the 1.3734/26 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects cable to challenge the 1.3984/1.4018 medium-term pivot.

Cable underpinned by the pivot at 1.3734/26

“GBP/USD is holding near-term below one-month highs at 1.3893.”

“Short-term, the pair is underpinned by 1.3734/26, and we would allow for recovery and a further upside attempt to the more important 1.3984/1.4018 medium term pivot, where we suspect that the market will fail.”

“A rise above 1.4018 is needed to rejuvenate the chart to target the February and June highs at 1.4238/49.”