GBP/USD shifted its focus to the 1.2911 level – Commerzbank
|Cable is now looking to a probable move to the near-term uptrend at 1.2911, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD charted an outside day to the downside on Friday and focus has shifted to its 1.2911 uptrend near term. This will need to hold for scope for a deeper recovery to the 1.3285 Fibonacci retracement to be seen. We have no strong bias.”
“The market is currently underpinned by the 1.2911 uptrend and the December low at 1.2908. Failure here would put the 200 day moving average at 1.2690 back on the plate.”
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.