GBP/USD remains bid within the range – Commerzbank

Cable is seen keeping the neutral to positive bias unchanged between 1.3013 and 1.2768 for the time being, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“GBP/USD is neutral to positive in its range between its October high at 1.3013 and the current November low at 1.2768. Directly above 1.3013 we have the 200 week ma at 1.3101, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3156 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”.