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GBP/USD: Consolidating below 1.2516 – Commerzbank

GBP/USD is consolidating below the 61.8% retracement at 1.2516 and the 200-day ma at 1.2661, Karen Jones from Commerzbank reports.

Key quotes

“Currently the market is indicated to fail at 1.2516, both on the daily chart and the intraday charts.” 

“Nearby support lies at 1.2194 and failure here should re-target the 1.1958 September 2019 low.” 

“Above 1.2350 lies the 1.2516 61.8% retracement and the 1.2582 20th September high.”

 

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