GBP/USD further strength seen above 1.2705 – Commerzbank

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
Avg Forecast 1.2369
100.0%67.0%25.0%020304050607080901000
  • 25% Bullish
  • 42% Bearish
  • 33% Sideways
Bias Bearish
1 Month
Avg Forecast 1.2250
0.0%100.0%23.0%0-1001020304050607080901001100
  • 23% Bullish
  • 77% Bearish
  • 0% Sideways
Bias Bearish
1 Quarter
Avg Forecast 1.2178
100.0%73.0%9.0%001020304050607080901000
  • 9% Bullish
  • 64% Bearish
  • 27% Sideways
Bias Bearish

 

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 securities. 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 Forex 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.