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Karen Jones, analyst at Commerzbank, suggests that GBP/USD continues to attempt to recover from the 1.2764/ 23.6% retracement.

Key Quotes

“It is currently struggling at the 20 day ma at 1.2674. Only above here will leave the market well placed for another attempt at the psychological resistance at 1.3000. Directly above here we have the 200 week ma at 1.3122 and the 1.3187 May high and these remain our short term targets, but we look for the market to be capped here.”

“Failure at 1.2764 will see a slide to the 200 day ma at 1.2702. This guards 1.2582. Below 1.2582 lies the 1.2382 17th July low and the 1.2403 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.”