GBP/USD still sees 1.3267 as the end of the up move – Commerzbank
|In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, Cable’s upside move appears to have ended around recent highs near 1.3270.
Key Quotes
“GBP/USD remains glued to the six month support line at 1.2855. We continue to suspect that the 1.3267 current August high was the end of the up move. While trading below the next lower 1.3031/49 May and August 11 highs immediate downside pressure will be maintained. Further resistance sits at the 1.3126 July 18 high”.
“Once the current August low at 1.2842 has given way the 1.2775/59 area will be in focus. It contains the December 2016 high and the April 21 low”.
“A rise above the 1.3267 current August high would put the 1.3443/1.3502 September 2016 high and the 2009 low on the cards”.
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