Karen Jones, analyst at Commerzbank, suggests that GBP/USD pair is again losing momentum ahead of 1.30 and remains bid near term while above near term support offered by the 1.2784 25th June high, leaving the market well placed to tackle psychological resistance at 1.3000.
Key Quotes
“Directly above here we have the 200 week ma at 1.3131 and the 1.3187 May high and these remain our short term targets, however we look for the market to be capped here. The 200 day ma at 1.2707 guards 1.2582.”
“For now, provided dips lower hold over 1.2582 (20th September high), an immediate upside bias is maintained. The 1.3187 May high guards the 1.3382 2019 high. Below 1.2582 lies the 1.2382 17th July low and the 1.2348 uptrend. The uptrend guards 1.2196/94.”
“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”
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