GBP/USD rallies could falter around 1.3065/1.3235 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, thinks bullish attempts in Cable could run out of steam in the 1.3065/1.3235 band.

Key Quotes

“GBP/USD has sold off towards and is showing signs off recovery from the 1.2750/78.6% retracement of the move from 1985 to 2007. This is regarded as the last defense for the 1.0463 1985 low. Rallies are indicated to terminate circa 1.3065/1.3235”.

“Initial resistance is found 1.3025, 1.3124 (27th June low) and then 1.3534 29th June high and the market will stay directly offered below here”.