GBP/USD well placed for a challenge to the 1.3217 recent high – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD remains well placed for a challenge to the 1.3217 recent high after it has eased back on Friday, but this has so far been pretty tepid.

Key Quotes

“Just above here we find the 55 week ma at 1.3221 and the 1.3298/September 2019 high. This represents a key band of resistance and we look for the market to fail in this vicinity. Dips lower will find interim support at 1.2968, last weeks low. This guards the recent low at 1.2772.”

“Below the 1.2739/61.8% retracement we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”