GBP/USD: Staring at the bottom of its 4 month trading range - Commerzbank

Sandeep Kanihama FXStreet Contributor

GBP/USD is sitting at the bottom of its 4 month trading range and will find initial resistance at the 20 day ma at 1.2828 and the 55 day ma at 1.2962, explains Karen Jones, analyst at Commerzbank.

Key Quotes

“While capped by the resistance line at 1.3010 it will remain offered. Support at 1.2711/1.2662, the August low and 3 month support line is being eroded. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89. Above 1.3010 lies the November 14 high at 1.3072. Further resistance comes in at the 1.3175 November high below which we will retain a longer term bearish bias.”

“Long term trend (1-3 months): Support at 1.2662 guards 1.2589/57, the November 2016, February 2017, and early April 2017 highs as well as the June 2017 low.”

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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