GBP/USD: Under pressure below the near term downtrend – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that GBP/USD is under pressure while capped by the near term downtrend at 1.3119 and has already eroded the 55 day ma at 1.3002.

Key Quotes

“The December low at 1.2908 is exposed and failure here would put the 4 month uptrend at 1.2811 and the 200 day moving average at 1.2689 back on the plate. The near term downtrend guards the Fibonacci resistance at 1.3285.”

“Fibonacci resistance at 1.3285 is considered to be the last defence for the December high at 1.3515.”