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The uptrend of the GBP/USD is showing signs of exhaustion as analysts at Commerzbank note. Therefore, key levels should be watched closely.

Key quotes

“GBP/USD has eroded its uptrend and sits on the December low at 1.2905. We are unable to rule out that this will hold for another recovery to the 1.3285 Fibonacci retracement.”

“Failure at 1.2905 would put the 55-week ma at 1.2805 and the 200-day moving average at 1.2694 back on the plate.”