GBP/USD: New lows for the year, scope for a slide to 1.3165 – Commerzbank

GBP/USD in new lows for the year. The pair is hovering around the 1.34 level and could plummet as low as the 200-week moving average at 1.3165, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Scope for the 200-week ma at 1.3165

“GBP/USD is in new lows for the year. It will find some support at 1.3382 the March 2019 high but is now on course for the 200-week ma at 1.3165.” 

“Interim resistance lies at 1.3607.” 

“The market stays offered while capped by the 55-day ma at 1.3685.”