Karen Jones, Analyst at Commerzbank, suggests that the GBP/USD remains under pressure while below the 55 day ma at 1.2996 and the resistance line at 1.3052, which leaves the onus on the downside. Key Quotes “Support lies at 1.2709/1.2662, the August low and 3 month support line. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89.” “Immediate downside pressure will remain while the cross stays below the 55 day moving average and November 14 high at 1.2996/1.3072.” “Further resistance comes in at the 1.3175 current November high below which we will retain a bearish bias.” “Short term trend (1-3 weeks): Range trades between 1.2662 and 1.3260/1.3363 but with a bearish bias.” 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 EUR/USD Technical Analysis: Spot remains under pressure and re-targets 2018 lows in the 1.1200 area FX Street 4 years Karen Jones, Analyst at Commerzbank, suggests that the GBP/USD remains under pressure while below the 55 day ma at 1.2996 and the resistance line at 1.3052, which leaves the onus on the downside. Key Quotes "Support lies at 1.2709/1.2662, the August low and 3 month support line. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89." "Immediate downside pressure will remain while the cross stays below the 55 day moving average and November 14 high at 1.2996/1.3072." "Further resistance comes in at the 1.3175 current November high… 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.
