GBP/USD is consolidating – Commerzbank

According to Karen Jones, analyst at Commerzbank, GBP/USD is consolidating below the 1.2712 200 day ma.

Key Quotes

“Above here we find the 55 week ma sat 1.2753 and the 1.2784 June high. We suspect that these may the initial test, but while dips lower hold over 1.2400/1.2365 and the short term up channel at 1.2231 it will remain capable of further upside probes.”

“The near term uptrend at 1.2231 guards 1.2196/94. Above 1.2785 targets the 200 week ma at 1.3156.”