GBP/USD: Short-term struggle – Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Axel Rudolph, analyst at Commerzbank, GBP/USD’s advance from its current September low at 1.1958 continues to have the May and June lows at 1.2506/59 in its sights and between these levels and the mid-July high at 1.2580 the cross may short-term struggle.

Key Quotes

“Further up lies strong resistance between the seven month resistance line, 200 day ma and the June high at 1.2705/84. Once a weekly Friday chart close above the 1.2310 August high has been made, we will change our weekly outlook to a bullish one.”

“Minor support below yesterday’s low at 1.2233 is seen between the early and mid-August lows at 1.2080/15 and major support at the 1.1958 current September low.”

“A slip through the 1.1958 recent low would put the 1.1491 October 2016 low (according to CQG) on the cards.”

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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