GBP/USD should find support at 1.2972/24 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, cable should find contention in the 1.2972/24 band.

Key Quotes

“GBP/USD spent last week creeping higher, however on Friday charted an outside day to the downside and we may well see the market consolidate/ease back this week. The market has recently recovered just ahead of Fibo support at 1.2905 and attention is now on 1.3298, the September high and 1.3363, the July high. These remain major break up points to 1.3495 the 200 day ma initially”.

“Dips will find support at 1.2972 a minor uptrend and 1.2924 the October low”.