GBP/USD: Bounce from the short term uptrend - Commerzbank
|Karen Jones, analyst at Commerzbank, explains that the GBP/USD pair has continued to hold and bounce from the short term uptrend at 1.2991.
Key Quotes
“The market has recently challenged the 1.3363 July 2018 high, reaching 1.3382 before failing. The new high has been accompanied by a divergence of the daily RSI and we would allow for some near term consolidation ahead of further upside attempts.”
“Overall target remains the 1.3584 200 week ma. Below the 1.2991 short term uptrend lies the double Fibo retracement at 1.2900/1.2895. This guards the recent low at 1.2772.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.