GBP/USD is failing at the 78.6% Fibonacci retracement and needs to close the day above this 1.2818 level to expose the 1.2924 200-week, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
See: GBP/USD remains focused on 1.2800 – UOB
Key quotes
“GBP/USD has rallied to the 78.6% retracement at 1.2818 (of the move down from the March peak), which has so far provoked failure. Given that we have a TD perfected set up on the daily chart, caution is warranted.”
“Dips lower should find initial support at 1.2468/86 ahead of the short-term uptrend at 1.2363 which is expected to hold the downside.”
“A daily chart close above the 78.6% Fibonacci retracement at 1.2818 is needed to target the 200-week ma at 1.2924.”
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