GBP/USD stays bid near term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable remains bid in the short term.

Key Quotes

“Last week GBP/USD recovered off the 1.2775/77 support area and remains bid near to short term. Minor resistance lies at the 1.2979 9 th June high. Above here lies the 1.3031/49 May and August 11 highs and further resistance sits at the 1.3126 July 18 high”.

“The 1.2775/59 support zone consists of the December 2016, late April and late May lows. Below it sit the 50% retracement and 200 day moving average at 1.2688/61”.

“A rise above the 1.3267 current August high would put the 1.3443/1.3502 September 2016 high and the 2009 low on the cards”.