GBP/USD rallies could terminate at 1.3344/70 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, bullish attempts in Cable could struggle in the 1.3344/70 area.

Key Quotes

“GBP/USD’s rallies are indicated to terminate at 1.3344/70. It is made up of the two month resistance line, 55 day moving average and the current August high. While trading below 1.3370 the currency pair will remain under pressure”.

“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”.