GBP/USD remains under pressure - Commerzbank

According to Axel Rudolph, analyst at Commerzbank, GBP/USD pair remains under pressure and has reached the 2016-2019 uptrend line at 1.2615.

Key Quotes

“We look for this to hold the downside but acknowledge that it is the last defence for the 1.2444 December 2018 low. Minor resistance at the 1.2772 February low is currently being eyed. Further up sits the 1.2865 April low.”

“Immediate downside pressure will be maintained while no rise above the 200 day moving average at 1.2955 is seen. Next up is the May 10 high at 1.3048. Only if this level were to be exceeded, would we look for the 1.3185/97 April and current May highs to be retested.”