GBP/USD further strength seen above 1.2705 – Commerzbank

Pablo Piovano FXStreet

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, Cable should allow for extra gains above 1.2705.

Key Quotes

“Sterling based at 1.2110 and reached the 55 day ma at 1.2378. Above here initial resistance is seen at the 1.2431/40 January 5 high and the two month resistance line. Further up sits the 1.2581 February 9 th high. However only above the 1.2705 February high would allow for further strength to the 1.2776 December high to be seen. Between it and 1.2836 lie several Fibonacci retracements and major resistance and we suspect that it will fail there”.

“The recent low at 1.2110 is considered to be the last defence for the 1.1988 January low and the bottom of the 5 month range at 1.1919”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2369

25% Bullish
42% Bearish
33% Sideways

Bias Bearish

1 Month

Avg Forecast 1.2250

23% Bullish
77% Bearish
0% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2178

9% Bullish
64% Bearish
27% Sideways

Bias Bearish

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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