GBP/USD medium term focus on 1.2797/50 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, sees Cable could test the 1.2797/50 band in the medium term.

Key Quotes

“GBP/USD’s rally ended at 1.3275 on Friday. Its bearish reversal day points to a top having been formed there with the bottom of the triangle at 1.2893 representing our first downside target”.

“The medium term focus is on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060. Key resistance is now the top of the triangle at 1.3353 as well as the mid-July high at 1.3481”.