GBP/USD key resistance lies at 1.3380 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair faces strong resistance at 1.3380, top of the triangle.

Key Quotes

“GBP/USD has seen a small bounce higher over the past couple of days following the TD perfected set up. Rallies are indicated to terminate ahead of 1.31/1.3200 and this will leave the market still under pressure following the recent break down from its triangle”.

“The downside measured target from this triangle is 1.2415. The focus is on the 1.2797/50 July low and Fibo. Key resistance is now the top of the triangle at 1.3380”.

“Support at 1.2750/78.6% retracement of the move from 1985 to 2007 is regarded as the last defence for the 1.2415 measured target then 1.0463 1985 low”.