Karen Jones, analyst at Commerzbank points out that GBP/USD has reached its October high at 1.3013 and directly above here we have the 200 week ma at 1.3101, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3156 and the 1.3187 May high and this is tough resistance and they look for the market to fail here.
Key Quotes
“Minor support is offered by the 20 day ma at 1.2889 and this guards the 1.2768 8 th November low. Failure at 1.2768 would probably see a slide to the 200 day ma at 1.2698. This guards the 1.2582 September high. Below 1.2582 lies the 1.2548 uptrend line. It guards 1.2196/94.”
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