GBP/USD: Guided by the technicals - Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, GBP/USD has eroded the 200 day ma, which was also the location of the 1.2966 20 week ma.

Key Quotes

“Focus has shifted to the double Fibo retracement at 1.2900/1.2895, this is pretty solid support that is expected to hold the initial test. This guards the recent low at 1.2772. Below 1.2772 we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”

“The market recently reached 1.3382 before failing. Should 1.2900/1.2895 hold, our overall target longer term remains the 1.3511 200 week ma.”

“Above 1.3217 (25th January high) will introduce scope up to the 1.3351/82 resistance.”

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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