Axel Rudolph, analyst at Commerzbank, notes that the GBP/USD pair bounced off the 200 day moving average at 1.2958 at the end of last week, which came in slightly above the 1.2934 2019 support line. Key Quotes “We look for the 1.3185/97 April and current May highs to be retested. The 61.8% Fibonacci retracement also sits between these levels. The cross will need to regain the 1.3217 January 25 high to introduce scope to the 1.3351/82 resistance area, made up of the February and March highs, where we expect it to struggle.” “Failure at the 200 day moving average and support line at 1.2958/34 would lead to the 1.2865 April low being eyed which in turn protects the February low at 1.2772.” “Below 1.2772 we would allow for losses to the 1.2669 January 15 low and August low and possibly the 1.2609 78.6% Fibonacci retracement.” 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 EU’s Malmstrom sees possible extension to May 18 deadline for US car tariffs FX Street 3 years Axel Rudolph, analyst at Commerzbank, notes that the GBP/USD pair bounced off the 200 day moving average at 1.2958 at the end of last week, which came in slightly above the 1.2934 2019 support line. Key Quotes "We look for the 1.3185/97 April and current May highs to be retested. The 61.8% Fibonacci retracement also sits between these levels. The cross will need to regain the 1.3217 January 25 high to introduce scope to the 1.3351/82 resistance area, made up of the February and March highs, where we expect it to struggle." "Failure at the 200 day moving average and… 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.
