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GBP/USD: Rallies are indicated to fail in the 1.1825/1.2085 band – Commerzbank

The 1.1491 October 2016 low is exposed and there is very little between here and the 1.0463 1985 low. Karen Jones, Team Head FICC Technical Analysis Research, analyzes the cable’s technical outlook.

Key quotes

“We saw a marginal erosion of the 1.1491 October 2016 low last week, but the break lower was not sustained and we look for it to consolidate its losses near term.”

“Rallies are indicated to fail in the 1.1825/1.2085 band.” 

“Minor resistance comes in at the 1.1958 September 2019 low and the 1.2194 8 th October low and while capped here rallies will make no impact on the chart.”

 

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