GBP/USD rallies remain corrective only – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s current upside should be corrective only.

Key Quotes

“GBP/USD saw a decent rally higher, while this is still indicated to be corrective only, should resistance at 1.2335 be overcome then this would trigger scope for further gains to the 1.2500 vicinity”.

“We have a resistance line at 1.2947 and will consider that the market remains directly offered below the 1.3056 late September high”.

“Below 1.2090 would almost mean a continuation of the descent with the 1.1938/07 low again targeted en route to 1.1793 and 1.1491. Rallies should remain capped by the 1.2279 October 13 inside day high”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2164

14% Bullish
14% Bearish
71% Sideways

Bias Sideways

1 Month

Avg Forecast 1.2438

54% Bullish
23% Bearish
23% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.2351

53% Bullish
20% Bearish
27% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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