GBP/USD still capped by the 1.30 mark – Commerzbank
|In view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable’s upside remains limited by the key handle at 1.30 the figure.
Key Quotes
“GBP/USD remains capped by the psychological resistance at 1.3000 and the recent high at 1.3013. Directly above here we have the 200 week ma at 1.3116, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3185 and the 1.3187 May high and these remain our short term targets, this is TOUGH resistance and we look for the market to fail here. Above here lies 1.3382 the 2019 high”.
“It remains immediately bid above the 1.2764/ 23.6% retracement. Failure at 1.2764 will see a slide to the 200 day ma at 1.2703. This guards 1.2582 (September high). Below 1.2582 lies the 1.2466 uptrend. The uptrend guards 1.2196/94”.
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.