GBP/USD found short term support at 1.2775/59 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted Cable stays underpinned by the 1.2775/59 band.

Key Quotes

“GBP/USD probed the 1.2775/59 December 2016, late April and late May lows where it found short term support. We expect this area to continue to underpin today. Below it sit the 50% retracement and 200 day moving average at 1.2688/54”.

“We continue to suspect that the 1.3267 current August high was the end of the up move. While trading below the next lower 1.3031/49 May and August 11 highs immediate downside pressure will be maintained. Further resistance sits at the 1.3126 July 18 high”.

“A rise above the 1.3267 current August high would put the 1.3443/1.3502 September 2016 high and the 2009 low on the cards”.