Karen Jones, Analyst at Commerzbank, points out that the GBP/USD pair is holding the bottom of its 4 month trading range and will find initial resistance at the 55 day ma at 1.2988 and the resistance line at 1.3035, where it is likely to struggle. Key Quotes “Support lies at 1.2710/1.2662, the August low and 3 month support line. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89. Above 1.3035 lies the November 14 high at 1.3072. Further resistance comes in at the 1.3175 current November high below which we will retain a longer term bearish bias.” “A rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 on the cards.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/INR: Rupee gains over 5% in November, best monthly run since 2015 FX Street 4 years Karen Jones, Analyst at Commerzbank, points out that the GBP/USD pair is holding the bottom of its 4 month trading range and will find initial resistance at the 55 day ma at 1.2988 and the resistance line at 1.3035, where it is likely to struggle. Key Quotes "Support lies at 1.2710/1.2662, the August low and 3 month support line. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89. Above 1.3035 lies the November 14 high at 1.3072. Further resistance comes in at the 1.3175 current November high… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
