GBP/USD: Near term consolidation – Commerzbank

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Karen Jones, analyst at Commerzbank, points out that the GBP/USD has met its initial target of the 200 day ma and beyond some near term consolidation, they are looking for gains to the 55 week ma at 1.3304.

Key Quotes

“Here we also find re-target the July, September and October highs at 1.3258/1.3363. Initial support is the near term up trend at 1.2865. It stays bid while above here. Only a rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 on the cards.”

“Short term trend (1-3 weeks): Below the up trend, dips will find support at the 55 day ma at 1.2775 and 1.2669/62, the August low. Only below 1.2444/25 targets the 78.6% retracement at 1.2109.”

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