- Analytics
- News and Tools
- Market News
- GBP/USD: Still targets the 1.2506/59 zone – Commerzbank
GBP/USD: Still targets the 1.2506/59 zone – Commerzbank
In view of Axel Rudolph, analyst at Commerzbank, GBP/USD’s advance from its current September low at 1.1958 still has the May and June lows at 1.2506/59 in its sights and between these levels and the mid-July high at 1.2580 the cross may short-term struggle.
“Further up lies strong resistance between the seven month resistance line, 200 day ma and the June high at 1.2715/84. Once a weekly Friday chart close above the 1.2310 August high has been made, we will change our weekly outlook to a bullish one. Minor support below yesterday’s low at 1.2233 is seen between the early and mid-August lows at 1.2080/15 and major support at the 1.1958 current September low. A slip through the 1.1958 recent low would put the 1.1491 October 2016 low (according to CQG) on the cards.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
