GBP/USD rallies appear capped around 1.3035/1.3265 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could struggle around 1.3065/1.3235.

Key Quotes

“GBP/USD has recently sold off towards and near term is showing signs off recovery from the 1.2750/78.6% retracement of the move from 1985 to 2007. This is regarded as the last defense for the 1.0463 1985 low. Rallies are indicated to terminate circa 1.3065/1.3235”.

“Initial resistance is found 1.3025, 1.3124 (27th June low) and then 1.3534 29th June high and the market will stay directly offered below here”.