GBP/USD: Negative bias – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair continues to range trade between its October high at 1.3013 and the current November low at 1.2768.

Key Quotes

“Directly above 1.3013 we have the 200 week ma at 1.3109, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3170 and the 1.3187 May high and this is tough resistance and we look for the market to fail here.”

“Failure at 1.2768 would probably see a slide to the 200 day ma at 1.2701. This guards the 1.2582 September high. Below 1.2582 lies the 1.2511 uptrend line. It guards 1.2196/94.”