GBP/USD: Approaching the 1.2335 resistance – Commerzbank

FXStreet Team FXStreet

GBP/USD is tightly confined within a converging range (1.2217-1.2335) but is pushing hard into the resistance at 1.2335, currently trading at 1.2330, per Commerzbank.

Key quotes

“There is a support line at 1.2217 and a downtrend at 1.2335, a break out from this range is needed to give direction.”

“Above 1.2335 focus can shift to the top of the range at 1.2643/61. Initial resistance lies at 1.2468 the 8th May high.”

“Below 1.2217 lies the 50% retracement of the March-to-April advance at 1.2030 below which lies the minor psychological 1.2000 mark. Further down sit the September low at 1.1958 and the March 20 high at 1.1935.”

Author

FXStreet Team

FXStreet

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