GBP/USD: Downside pressure maintained - Commerzbank
|According to Axel Rudolph, analyst at Commerzbank, GBP/USD pair is still falling towards the February low at 1.2772, a drop below which would put the October low at 1.2696 on the cards.
Key Quotes
“Immediate downside pressure will be maintained while no rise above the 200 day moving average at 1.2957 is seen. Next up is the May 10 high at 1.3048. Only if this level were to be exceeded, would we look for the 1.3185/97 April and current May highs as well as the 61.8% Fibonacci retracement to be retested. This currently looks unlikely.”
“The cross will need to regain the 1.3217 January 25 high to introduce scope to the 1.3351/82 resistance area, made up of the February and March highs, where we expect it to struggle.”
“Below 1.2772 we would allow for losses to the 1.2669 January 15 low and August low and possibly the 1.2609 78.6% Fibonacci retracement.”
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.