GBP/USD rallies seen struggling around 1.3035/55 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees occasional bullish attempts to find strong resistance in the 1.3035/55 band.

Key Quotes

“GBP/USD remains under pressure following the key day reversal last week from the 50% retracement at 1.3255 and the break of its near term uptrend: With such a strong rejection from the Fibo resistance seen, we continue to suspect that 1.3267 was the end of the move. We have minor support offered by the 55 day ma at 1.2928 but look for this to be eroded for losses to the support circa 1.2775/50 (December 2016 high) and the uptrend at 1.2705. Intraday rallies are likely to find initial resistance at 1.3035/55 ahead of the 1.3267 recent high”.

“Above 1.3267 we have TD resistance at 1.3311 and the 1.3446/1.3502 September 2016 high and the 2009 low”.