GBP/USD offered below 1.3091 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, suggested Cable’s bias remains offered while below 1.3091.

Key Quotes

“GBP/USD’s focus is on the base of a symmetrical triangle at 1.2922 (redrawn). We have a near term resistance line at 1.3091 and will consider that the market remains directly offered below here”.

“A close below 1.2920, will trigger losses to 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”.

“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”.