GBP/USD: Still hovers above the bottom of its 4 month trading range - Commerzbank
According to Karen Jones, an analyst at Commerzbank, the GBP/USD pair remains above the bottom of its 4-month trading range and will find initial resistance at the 1.2840, current December high, and is likely to remain capped by the resistance line at 1.2986.
“Support at 1.2662, the August low, has been tested and held 3 times now. Below 1.2662 would trigger further weakness to the 61.8% Fibonacci retracement of the 2016-2018 advance and the June 2017 low at 1.2593/89 and below the 78.6% retracement at 1.2109.”
“Above 1.2986 lies the November 14 high at 1.3072. Further resistance comes in at the 1.3175 November high below which we will retain a longer term bearish bias.”