GBP/USD: Capped here? – Commerzbank

Axel Rudolph, analyst at Commerzbank, points out that GBP/USD has reached the January high at 1.3217 which so far capped.

Key Quotes

“Minor support below yesterday’s low at 1.3104 is offered by the 1.3013 October high. It guards the 1.2768 November low. Failure at 1.2768 would probably see a slide to the 200 day moving average at 1.2697 below which lies the 1.2582 September high.”

“A daily chart close above the 1.3217 January high would open the way to the 1.3382 Mark peak and potentially the 61.8% Fibonacci retracement at 1.3453 to be reached.”