GBP/USD to find support at 1.4018 for a move towards the 1.4377 2018 high – Commerzbank

GBP/USD flirts with weekly lows near 1.4050 as cable consolidates below 1.4238 this year’s high. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, regards the pair is underpinned while above the 1.3774 uptrend and targets the 1.4377 2018 high.

Bullish above the nine-month uptrend at 1.3774 

“GBP/USD eased lower yesterday and is consolidating below 1.4238/45, the recent high and the March 2018 high.”

“It remains bullish while dips hold above the uptrend at 1.3774.

“We have an additional support line at 1.3833 and ahead here previous resistance at 1.4018 should now offer support.”

“Our longer-term target is 1.4377 the 2018 high.”