GBP/USD now targets 1.2891 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph noted the next target for Cable could be at in the 1.2890 area.

Key Quotes

“GBP/USD’s rally ended at 1.3275 on Friday. Its bearish reversal day points to a top having been formed there with the bottom of the triangle at 1.2891 representing our first downside target”.

“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 is now the top of the triangle at 1.3353 as well as the mid-July high at 1.3481”.