GBP/USD to test the 200-DMA at 1.2684 after removing the 1.2517 20-DMA – Commerzbank
|GBP/USD has just emerged above 1.25, up 0.25% on a day, amidst general US dollar weakness. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 1.2684 200-DMA after the initial resistance at 1.2517.
Key quotes
“GBP/USD has recovered off the 1.2247 mid-April low. Initial resistance is the 20-day ma at 1.2517 and this guards the 200-day ma at 1.2684 and we suspect this may hold the initial test. Above 1.2684 targets the 78.6% retracement at 1.2818 (of the move down from the March peak) and the 200-week ma at 1.2911.”
“Below the 1.2247 support lies the 1.2203 channel and while above here we will assume an upside bias.”
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.