GBP/USD: Starting to erode the bottom of its 4 month trading range - Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, Analyst at Commerzbank, GBP/USD pair has started to erode the bottom of its 4 month trading range and will find initial resistance at the 55 day ma at 1.2971 and the resistance line at 1.3018, and while capped here it will remain offered.

Key Quotes

“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 1.3018 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.”

“A rise above the July, September and October highs at 1.3258/1.3363 would put the June high at 1.3473 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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