GBP/USD now looks to 1.2932 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted Cable is now focusing on the base of the triangle in the 1.2930 area.

Key Quotes

“GBP/USD is under pressure and will shortly encounter the base of a symmetrical triangle at 1.2932. This is exposed and it guards the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target circa 1.22 (this is the approximate measurement down from the symmetrical triangle pattern developing on the chart). Intraday rallies are indicated to terminate circa 1.3075/1.3125”.

“We view the September high at 1.3443 as an interim high. Only if it and the late June high at 1.3534 were to be overcome would we neutralize our medium term negative outlook”.