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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.

Key Quotes:

“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.”
 

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