GBP/USD up move likely ended at 1.3267 – Commerzbank

In view of Axel Rudolph, Senior Technical Analysis at Commerzbank, recent tops near 1.3270 could signal the end of the up move.

Key Quotes

“GBP/USD remains under pressure following the key day reversal Current August high was made at 1.3267 recently from the 50% retracement at 1.3255 and the break of its near term uptrend. We continue to suspect that the 1.3267 current August high was the end of the up move”.

“The 55 day moving average at 1.2933 is about to be reached. Once it has given way the 1.2775/59 area will be in focus. It contains the December 2016 high and the April 21 low. Intraday rallies are likely to find initial resistance at 1.3031/49, made up of the May and June highs. Further resistance sits at the 1.3126 July 18 high”.