GBP/USD: Downside corrective near term – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD pair is showing signs of reversal ahead of the 1.3363 July 2018 high and they suspect that we will see some near term weakness ahead of further upside attempts.

Key Quotes

“Target remains the 1.3599 200 week ma. Dips lower have eroded an accelerated uptrend and we would allow for a retracement towards 1.3060 and possibly a double Fibo retracement at 1.2900/1.2895. Ahead of here lies the 1.2991 200 day ma and 1.2968, last weeks low. This guards the recent low at 1.2772.”