In view of Axel Rudolph, Senior Analyst at Commerzbank, Cable could now test the 1.2866 level.
Key Quotes
“GBP/USD‘s fall through the July low at 1.2925 has the August 2016 low at 1.2866 in its sights. Further down sit the July 2016 low at 1.2797 as well as the December 2016 and January 2017 highs at 1.2775/1.2706. Still further down the June 2017 low can be spotted at 1.2590″.
“Over the next few days the risk remains on the downside while trading below the 1.3173 July 30 high. Minor resistance below this level comes in at the 1.3049 and 1.3102 late June lows”.
“A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3580 June high and 200 day moving average”.
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