Outlook on GBP/USD remains neutral – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s outlook is seen as neutral for the time being.

Key Quotes

“GBP/USD has sold off to its 55 day ma and support line at 1.2992/1.3001. The market last week recovered just ahead of Fibo support at 1.2905 but is currently showing little interest in tackling resistance offered by 1.3298, the September high and 1.3363, the July high. These remain major break up points to 1.3481 the 200 day ma initially. Currently the outlook is fairly neutral”.

“Dips will find support at 1.3001 a minor uptrend and 1.2924 the October low”.