GBP/USD found a base in recent sessions down at the 1.25 figure and bulls have surged to the 1.27 handle on dollar weakness. However, there was a notable divergence on the RSI indicator and bears were all dried up from the downside run that commenced at the midpoint of the 1.27 handle mid-June. Up ahead, analysts at Commerzbank note that we have 1.2763/72 resistance (the 7th June high and February low) which the 200-day moving average at 1.2931. “Below 1.2532 would trigger further losses to the 1.2444 December 2018 low.”
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