GBP/USD: Bullish weekly forecast – Commerzbank

Sandeep Kanihama FXStreet Contributor

Axel Rudolph, analyst at Commerzbank, suggests that GBP/USD’s advance has taken the cross to the May and June lows at 1.2506/59 and between these levels and the mid-July high at 1.2580 the cross short-term consolidated for a day or two.

Key Quotes

“Further up strong resistance between the seven month resistance line, 200 day ma and the June high at 1.2689/1.2784 remains in sight. Now that a weekly Friday chart close above the 1.2310 August high has been seen, we changed our weekly forecast to a bullish one.”

“Minor support below the 55 day moving average and the September 12 low at 1.2300/1.2283 is seen between the early and mid-August lows at 1.2080/15 and major support at the 1.1958 current September low.”

“A slip through the 1.1958 recent low would put the 1.1491 October 2016 low (according to CQG) on the cards.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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