GBP/USD: Easing back – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, suggests that GBP/USD pair is consolidating below the mid-July high at 1.2580 and minor support below the 1.2385 September 9 high is found at the 55 day moving average and the September 12 low at 1.2296/1.2283 and around here we would expect the market to attempt to stabilise.

Key Quotes

“Further minor support sits between the early and mid-August lows at 1.2080/15 and major support lies at the 1.1958 current September low. Further up strong resistance between the seven month resistance line, 200 day ma and the June high at 1.2663/1.2784 remains in sight.”

“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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