GBP/USD: Consolidation likely below the February high - Commerzbank

Market news

24 May 2021

GBP/USD: Consolidation likely below the February high - Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, discusses GBP/USD prospects.

“GBP/USD on Friday tested and has held below 1.4238/45, the recent high and the March 2018 high, and we would allow for some near-term consolidation. We note the divergence of the daily RSI. Nearby support is 1.4100 ahead of 1.4000/18 and the uptrends at 1.3821 and 1.3883.”

“We note the strong buy signal on the daily DMI and eventually look for gains through 1.4245 to 1.4377 the 2018 high.”

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