GBP/USD stays under pressure – Commerzbank

Cable’s up move could have likely ended at recent tops near 1.3270, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD remains under pressure following the key day reversal last week from the 50% retracement at 1.3255 and the break of its near term uptrend: With such a strong rejection from the Fibo resistance seen, we continue to suspect that 1.3267 was the end of the move. We look for losses to the support circa 1.2775/50 (December 2016 high) and the uptrend at 1.2699. Intraday rallies are likely to find initial resistance at 1.3035/55 ahead of the 1.3267 recent high”.

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