GBP/USD upside could falter in the mid-1.3300s – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, bullish attempts in Cable could face strong resistance in the 1.3348/70 band.

Key Quotes

“GBP/USD continues to squeeze higher. Rallies are indicated to terminate at 1.3348/70 and this will leave the market still under pressure in its range”.

“The pattern on the chart appears to be developing into a larger descending triangle pattern. The focus is on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060. Key resistance is now the top of the triangle at 1.3353 as well as the mid-July high at 1.3481”.