Home GBP/USD to reach five-year resistance line at 1.3175 – Commerzbank

GBP/USD to reach five-year resistance line at 1.3175 – Commerzbank

Updated: 31 Jul. 2020 | 09:12

GBP/USD rises to 1.3130, up 0.26% on a day, and is on course for the five-year resistance line at 1.3175, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“GBP/USD has maintained upside pressure and is poised to reach the 1.3175 the 2015-2020 downtrend. The 1.3201 March 2020 high lies just above here and we would allow for this to hold the initial test.”

“Dips lower are expected to find initial support at the 1.2814 June high ahead of 200-day ma at 1.2701 and remain contained by the 1.2529 support line.”

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