GBP/USD upside seen struggling near 1.3160 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s up move should find strong resistance in the 1.3160 region.

Key Quotes

“GBP/USD continues to recover off the 1.2775/77 support area and has reached 1.3080 61.8% retracement of th4e last leg lower. The near term uptick is expected to terminate ahead of the 78.6% retracement at 1.3162, and just ahead of here lies the 1.3126 July 18 high. Minor support lies at 1.2938 ahead of the 1.2810 longer term channel”.

“The 1.2775/59 support zone consists of the December 2016, late April and late May lows. Below it sits the 50% retracement and 200 day moving average at 1.2688/76”.

“A rise above the 1.3267 current August high would put the 1.3443/1.3502 September 2016 high and the 2009 low on the cards”.

Sep 7, 2017

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