FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the GBP/USD recovery attempt to 1,3440 start, as long as the trade on 1,2776/71 takes place..
«The Sterling fights more about the 29. Sept. To overcome high of 1,3060. The movement to the new High was not confirmed by the daily RSI and we see on the daily chart a Count of 13. The market is likely to fall in the short term/consolidate.”
“About 1,2776/71 the focus is on the September 2017 High of 1,3443”.
“The market must fall below the Low of 21 April of 1.2760/58, so that the decline of pressure. Thus, the focus shifts to the 200-day MA of 1,2596.”
** FXStreet News Editorial, FXStreet**