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GBP/USD takes the bids near 1.2485, down -0.05% on a day, after having recovered from the 1.2251 June low and targets the 200-day moving average seen at 1.2688, according to Commerzbank’s Axel Rudolph. 

Key quotes

“GBP/USD has recovered from the 1.2251 late June low and targets the 1.2643/88 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 1.2688 sits the June peak at 1.2814.”

“Minor support can be seen along the 55-day moving average at 1.2420 and also along the March-to-July support line at 1.2317.” 

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