GBP/USD still expected to fail near 1.3370 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, still sees Cable’s upside faltering around the 1.3370 area.

Key Quotes

“Last week’s GBP/USD rally took us by surprise but we still expect it to fail around the August peak at 1.3370”.

“As long as this resistance level caps, the bottom of the triangle and August low at 1.2900/1.2866 should be reached”.

“The medium term focus is on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060”.

“Key resistance remains to be seen at the mid-July high at 1.3481”.