GBP/USD remains under pressure – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable keeps its rangebound theme although under rising pressure.

Key Quotes

“GBP/USD is side lined, but increasingly under pressure in its range. We view the September high at 1.3443 as an interim high”.

“Only if it and the late June high at 1.3534 were to be overcome, would have to neutralize our medium term negative outlook”.

“The market near term has sold off to the 55 day ma at 1.3157 and this is now exposed, our target remains the 1.2797/50 July low and the long term Fibonacci support. Intraday rallies are indicated to terminate circa 1.3250”.

“While 1.3443 caps, the medium term focus will remain on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060”.