GBP/USD has the 2018 high at 1.4377 in its crosshairs – Commerzbank

GBP/USD is starting to erode the 1.4238/45 February high. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects cable to target 1.4377, the 2018 high.

Uptrend at 1.3861 underpins the pound

“GBP/USD is starting to erode 1.4238/45, the recent high and the March 2018 high, the 20-day ma offers nearby support at 1.4115 and while above here upside pressure is maintained.” 

“Nearby support is 1.4000/18 and the uptrends lie at 1.3861 and 1.3926.” 

“Longer-term view will remain positive above the uptrends. We eventually look for gains through 1.4245 to 1.4377 the 2018 high.”