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GBP/USD targets February 2016 low at 1.3836 – Commerzbank

January 4, 2021 by admin 0 Comments

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GBP/USD begins the new year on a positive note and nearing 1.37 – extending its gains after the UK is fully out of the EU, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“GBP/USD continues to rise after Brexit and should shortly encounter the 1.3712 February 2018 low and 1.3836, the February 2016 low.” “Longer-term, the 2018 peak at 1.4377 is being targeted.”

“Minor support below the 1.3625/20 December 17 and 24 highs can be spotted at the 1.3540 early December high.”

“Overall upside pressure should be maintained while the cross remains above its December low at 1.3135.”

This article was originally published by Fxstreet.com. Read the original article here.