GBP/USD bearish below 1.3031/49 – Commerzbank

Pablo Piovano FXStreet

Cable’s stance remains negative while below 1.3031/49, noted Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“GBP/USD stabilizes above the 38.2% Fibonacci retracement at 1.2825. 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 1.2831 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”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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