GBP/USD room for a test of 1.2785 – Commerzbank
|In opinion of Axel Rudolph, Senior Analyst at Commerzbank, Cable’s downside could retest the 1.2785 level.
Key Quotes
“GBP/USD’s recent decline is to continue with the September low at 1.2785 being targeted. If slipped through, the August and October lows at 1.2696/62 would be in focus”.
“Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89”.
“Immediate downside pressure will remain in play while the cross trades below the 55 day moving average at 1.3023. Further resistance comes in at the 1.3175 current November high below which remains a bearish bias”.
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