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According to Karen Jones, analyst at Commerzbank, GBP/USD pair came under pressure after it failed to make any impression on the 20 day ma at 1.2999.

Key Quotes

“Attention has once again dropped to the 1.2809 55 day ma and this guards the 1.2669/62 mid-January and August lows. The intraday Elliott wave counts remain negative. Intraday rallies will now find resistance at 1.3020, the 200 day ma, and will stay offered below here. Above here should be enough to cast our eyes back to the 1.3217 recent high.”

“Overhead lies the 55 week ma at 1.3254. Here we also find the July, September and October highs at 1.3258/1.3363. We suspect that this will hold and provoke failure. Above here would target the June high at 1.3473 and the 200 week ma at 1.3630 (not favoured).”