GBP/USD: Commerzbank recommends buying declines of the pound

Commerzbank recommends buying GBP/USD declines in its recent technical analysis.

"GBP buyers may run out of steam now, but the GBP/USD remains willing to move to 1.4000.

The GBP/USD rebounded yesterday, but many intraday divergences suggest consolidation ahead of a move towards the 1.40 psychological resistance level.

The pair remains directly bullish above the 2 month trend line at 1.3495. We see the possibility of a decline to 1.3730/1.3600 before a further rise."