Search ForexCrunch

GBP/USD is heading towards the 200-day moving average seen at 1.2686 where the cable is expected to stall initially. On the other way, the 55-day moving average at 1.2415 provides some support, Commerzbank’s Axel Rudolph informs.

Key quotes

“GBP/USD has recovered from the 1.2251 late June low and targets the 1.2643/86 resistance area which consists of the April highs and the 200-day moving average. There it is likely to at least short-term stall.” 

“Above the 200-day moving average at 1.2686 sits the June peak at 1.2814.” 

“Minor support can be seen along the 55-day moving average at 1.2415 and also along the March-to-July support line at 1.2282. Below the 1.2251 late June low lies the April low at 1.2163 and the May trough at 1.2072.”