GBP/USD remains offered below 1.3027 – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains directly offered while below 1.3027.

Key Quotes

“GBP/USD is seeing a tiny bounce from the base of a symmetrical triangle at 1.2927. We have a near term resistance line at 1.3047 (nearby high is 1.3119) and will consider that the market remains directly offered below here”.

“A close below 1.2927, 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 (this is the approximate measurement down from the symmetrical triangle pattern…)”.

“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”.

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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