Axel Rudolph, Senior Technical Analyst at Commerzbank, sees Cable facing tough resistance around 1.3330.
“GBP/USD continues to come off its 1.3275 Friday high and still targets the bottom of the triangle and August low at 1.2896/66”.
“The medium term focus is on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060”.
“Key resistance remains to be seen at the top of the triangle at 1.3330 and also at the mid-July high at 1.3481”.
“Support at 1.2750/78.6% retracement of the move from 1985 to 2007 is regarded as the last defence for the 1.0463 1985 low”.
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