GBP/USD to fail at the 1.3422 long-term downtrend – Commerzbank
|GBP/USD is approaching a 13-year downtrend at 1.3422 where the cable is expected to fail and reverse back with support seen at 1.3004, per Commerzbank.
Key quotes
“GBP/USD has broken higher and is on course for major resistance offered by the 1.3422 multi-year downtrend and we look for this to ideally cap the market and provoke failure. This is reinforced by the 1.3515 December 2019 high. This is a long-term pivot and both levels represent major resistance.”
“Nearby support is offered by the 55-day moving average at 1.3004 and also by 1.2962, the five-month uptrend. We would allow for a slide back to here short-term.”
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.