GBP/USD: Near term consolidation – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD has reached the psychological resistance at 1.30 and directly above here we have the 200 week ma at 1.3148 and the 1.3187 May high.

Key Quotes

“We would allow for some near term consolidation here, but provided dips lower hold over 1.2582 (20th September high) an immediate upside bias is maintained. The 1.3187 May high guards the 1.3382 2019 high.”

“Immediate support lies at 1.2582 the 20th September high ahead of the 1.2382 17th July low and the 1.2275 uptrend. The near term uptrend guards 1.2196/94.”

“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”