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GBP/USD rises above 1.2550 on Wednesday as the cable recovered from the 1.2251 late June low. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the pair to target the 1.2643/90 resistance zone.

Key quotes

“GBP/USD has recovered from the 1.2251 late June low and targets the 1.2643/90 resistance area which consists of the April highs and the 200-day moving average. There it is likely toat least short-term stall.” 

“Above the 200-day moving average at 1.2690 sits the June peak at 1.2814.” 

“Minor support can be seen along the 55-day moving average at 1.2425 and also along the March-to-July support line at 1.2329.” 

“Below the 1.2251 late June low lies the April low at 1.2163 and the May trough at 1.2072.”