GBP/USD rallies seen struggling near 1.3200 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerbank, Cable’s bullish attempts are seen running out of steam near 1.3200.

Key Quotes

“GBP/USD saw a small bounce yesterday following the TD perfected set up. Rallies are indicated to terminate ahead of 1.3200 and this will leave the market still under pressure following the recent break down from its triangle”.

“The downside measured target from this triangle is 1.2415. The focus is on the 1.2797/50 July low and Fibo. Key resistance is now the top of the triangle at 1.3380”.

“Support at 1.2750/78.6% retracement of the move from 1985 to 2007 is regarded as the last defence for the 1.2415 measured target then 1.0463 1985 low”.