GBP/USD targets February 2016 low at 1.3836 – Commerzbank

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.”