GBP/USD set to rally past the March high at 1.4018 – Commerzbank

Dollar weakness is led by the pound. The GBP/USD pair has advanced as high as 1.3976 and the attention is on the 1.4018, the March high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

A slip below the uptrend at 1.3707 is not favoured

“GBP/USD is holding steady above the 20-day ma at 1.3845 and attention is on key resistance, which remains 1.4018, the March high.” 

“Near term dips are expected to be shallow and an upside bias is preserved above the uptrend at 1.3707.”

“A close above 1.4018 will target 1.4238/45, the recent high and the March 2018 high.”