GBP/USD to head towards 1.3000? – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair is easing back from1.30, and is likely to head back towards the 1.2784 25th June high and the 1.27664/23.6% retracement.

Key Quotes

“It should hold here for another attempt at the psychological resistance at 1.3000. Directly above here we have the 200 week ma at 1.3131 and the 1.3187 May high and these remain our short term targets, however we look for the market to be capped here.”

“The 200 day ma at 1.2706 guards 1.2582. For now, provided dips lower hold over 1.2582 (20th September high), an immediate upside bias is maintained. The 1.3187 May high guards the 1.3382 2019 high. Below 1.2582 lies the 1.2382 17th July low and the 1.2348 uptrend. The uptrend guards 1.2196/94.”

“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”