According to Karen Jones, analyst at Commerzbank, GBP/USD has eroded the 20 day ma and is now back under pressure.
“Attention is on the 1.2015 recent low and TD support at 1.1988. Below 1.1988 lies the 1.1491 3 rd October low (according to CQG). It remains on the defensive below the 55 day ma at 1.2357 – this protects the June high at 1.2784. Intraday rallies are indicated to terminate ahead of the 1.2142 20 day ma.”
“Only a rise above the June high at 1.2784 would indicate that a bottom is being formed (not favoured).”
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.