GBP/USD could slip back to 1.2424 – Commerzbank

Pablo Piovano FXStreet

After recent failure in the vicinity of 1.2780, Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes Cable could test the 1.2424 level.

Key Quotes

“GBP/USD has failed at the 1.2778 100 day ma. We look for the market drop to the 1.2424 two month uptrend. This remains the break down point to the 1.2090/85 October 11 and 25 lows. Intraday rallies are likely to now struggle circa 1.2665.Initial support lies at 1.2302/1.2285”.

“Failure at 1.2085 would mean a continuation of the descent and should trigger losses to 1.1775 and then 1.1481 the recent spike low”.

1. R3 1.2837
2. R2 1.2772
3. R1 1.2679
PP 1.2614
1. S1 1.2521
2. S2 1.2456
3. S3 1.2363

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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