Karen Jones, analyst at Commerzbank, suggests that GBP/USD continues to attempt to recover from the 1.2764/ 23.6% retracement.
“It is currently struggling at the 20 day ma at 1.2674. Only above here will leave the market well placed for another attempt at the psychological resistance at 1.3000. Directly above here we have the 200 week ma at 1.3122 and the 1.3187 May high and these remain our short term targets, but we look for the market to be capped here.”
“Failure at 1.2764 will see a slide to the 200 day ma at 1.2702. This guards 1.2582. Below 1.2582 lies the 1.2382 17th July low and the 1.2403 uptrend. The uptrend guards 1.2196/94.”
“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”
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.