In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s current upside should be corrective only.
“GBP/USD saw a decent rally higher, while this is still indicated to be corrective only, should resistance at 1.2335 be overcome then this would trigger scope for further gains to the 1.2500 vicinity”.
“We have a resistance line at 1.2947 and will consider that the market remains directly offered below the 1.3056 late September high”.
“Below 1.2090 would almost mean a continuation of the descent with the 1.1938/07 low again targeted en route to 1.1793 and 1.1491. Rallies should remain capped by the 1.2279 October 13 inside day high”.
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.