Axel Rudolph, analyst at Commerzbank, explains that GBP/USD is giving back some of its recent gains and nears the October high and December 12 low at 1.3050/13 which are to offer support.
Key Quotes
“Further support can be found between the 1.3270 late March high and the 1.3217 January peak. There is also support to be seen at the 1.3187 May peak. Minor resistance comes in around the March peak at 1.3382 and more significant resistance at the current December peak at 1.3515.”
“Above the high at 1.3515 sits the December 2017 high at 1.3550 and still further up the September 2017 peak at 1.3658 as well as the February 2018 low at 1.3712, all of which remain in focus for the weeks to come.”
“A daily chart close below the 1.3050 December 12 low would put the 200 day moving average at 1.2698 back on the plate.”
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