GBP/USD to plummet towards March and April lows at 1.3670/69 – Commerzbank

GBP/USD has dropped back below 1.3800. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, thinks cable could fall as far as the March and April lows at the 1.3670/69 neighborhood.

Uptrend is at 1.3767

“GBP/USD’s has slipped to the 2020-2021 support line at 1.3767 below which the March and April lows can be found at 1.3670/69.”

“Minor resistance comes in at the 1.3830/58 mid-February and early March lows and also along the 55-day moving average at 1.3997. Further up sit the 1.4082/91 late May and early June lows.”