GBP/USD risks a move to the mid-1.2800s – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable could attempt a visit to the 1.2850 region.

Key Quotes

“GBP/USD on Friday charted an outside day to the downside and immediate attention has reverted to the downside. We maintain that there is scope for a slide to the 1.2853 uptrend.”

“On route lies the December low at 1.2908. Failure here would put the 4 month uptrend at 1.2853 and the 200 day moving average at 1.2688 back on the plate.”

“A close above 1.3118 (17th January high) is required to alleviate immediate downside pressure and retarget the Fibonacci resistance at 1.3285.”