GBP/USD key resistance at 1.3367 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable now faces key resistance at 1.3367.

Key Quotes

“GBP/USD last week squeezed higher. Rallies are indicated to terminate circa 1.3200/67 and this will leave the market still under pressure in its range”.

“The pattern on the chart is no longer a symmetrical triangle but appears to be developing into a larger descending triangle pattern. The focus is on the 1.2797/50 July low and long term Fibo support and a close below here will be regarded as very negative and target 1.2060. Key resistance is now the top of the triangle at 1.3367”.