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GBP/USD is approaching its 3 year uptrend – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair remains under pressure and has reached the 78.6% retracement at 1.2644.

Key Quotes

“Directly below here lies the 2016-2019 uptrend at 1.2607. We look for this to hold the downside but acknowledge that it is the last defence for the 1.2444 December 2018 low. Minor resistance comes in at the 1.2865 April low.”

“Immediate downside pressure will be maintained while no rise above the 200 day moving average at 1.2955 is seen. Next up is the May 10 high at 1.3048. Only if this level were to be exceeded, would we look for the 1.3185/97 April and current May highs to be retested.”

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