GBP/USD could fall back on 1,2816 — Commerzbank

FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, explained that the Cable for a Test of the 1,2816 risk.

Important Quotes:

The Sterling has difficulties with the High of 29. September 1,3060. The recent high-point was also confirmed not by the RSI indicator and day-to-day chart, the thirteenth census. Therefore, the market is now on the way to the short-term upward trend in 1,2826. A first Test is likely to hold the holding area. With a break below losses in the Cable but on 1,2776 (High-06. December) and the 200-day line (act. in 1,2595).

As long as the currency is quoted above the 1,2776, the bias remains to the upside, with a target price of 1,3443 (September, 2016).

The market to the lows of 21. April of 1.2760/58 price, whereupon the upward pressure will be negated. This would put a new potential on the bottom in the direction of 1,2595 (the 200-day line).

** FXStreet News Editorial, FXStreet**

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