GBP/USD keeps the focus on 1.2920 – Commerzbank

Pablo Piovano FXStreet

Cable’s attention remains on the 1.2920 area, noted Karen Jones, Head of FICC Technical Analysis Research at Commerzbank.

Key Quotes

“GBP/USD starts this week with the focus on the base of a symmetrical triangle at 1.2920 (redrawn). We have a near term resistance line at 1.3113 and will consider that the market remains directly offered below here”.

“A close below 1.2920, will trigger losses to the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target circa 1.22”.

“We view the September high at 1.3443 as an interim high. Only if it and the late June high at 1.3534 were to be overcome would we neutralize our medium term negative outlook”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2998

30% Bullish
30% Bearish
40% Sideways

Bias Sideways

1 Month

Avg Forecast 1.2879

20% Bullish
53% Bearish
27% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2770

12% Bullish
44% Bearish
44% 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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