GBP/USD should meet resistance near 1.3060 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, noted occasional bullish attempts in Cable are expected to meet initial hurdle in the 1.3060 region.

Key Quotes

“GBP/USD is seeing a mild recovery from 1.2872 and it is possible that this was the end of an ‘a-b-c’ correction. Rallies will find initial resistance at the 55 day ma at 1.3059 and the near term resistance line at 1.3129 and will need to regain this to alleviate downside pressure. Failure at 1.2872 (recent low) would put the 55 week ma at 1.2799 and the 200 day moving average at 1.2690 back on the plate.”