GBP/USD now focuses on 1.3063/49 – Commerzbank

In light of yesterday’s sharp pullback in Cable, Karen Jones, Head of FICC Technical Analysis at Commerzbank suggested Cable could now look to the 1.3063/49 band.

Key Quotes

“GBP/USD has reversed from the 50% retracement at 1.3255 as the 13 counts on the daily and intraday charts warned. With such a strong rejection from the Fibo resistance seen, it has left attention on the 1.3063/1.3049 band of support (uptrend, May high and 20 day ma). Failure here would imply losses to the support circa 1.2775/50 (December 2016bn high)”.

“Above 1.3267 we have TD resistance at 1.3311 and the 1.3446/1.3502 September 2016 high and the 2009 low”.