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GBP/USD continues to struggle – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair continues to struggle at the 1.2763/72 resistance (the 7th June high and February low) and has in fact charted a key day reversal.

Key Quotes

“For caution we will exit our longs here. The market will have to overcome this on a closing basis in order to generate some further upside interest. This will target the 200 day ma at 1.2923, but we are looking for this to then cap the topside.”

“Meanwhile we would allow for a possible near term pull back towards the 1.2667/00 region ahead of another leg higher (previous downtrend should now act as support). Failure here will see the 1.2559/1.2506 recent lows retested.”

“Below 1.2506 would target the 1.2444 December 2018 low. This is the last defence for 1.2108, the 78.6% retracement of the move up from 2016.”

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