GBP/USD erodes the uptrend at 1.2928 to target the 1.2814 June high – Commerzbank

GBP/USD has eroded the uptrend at 1.2928 and was last seen trading at 1.2915, down -0.1% on the day. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, now signals the next supports at the June high of 1.2814 and the 200-day moving average (DMA) at 1.2706.  

Key quotes

“GBP/USD has eroded the near-term uptrend at 1.2928 and in doing so shifted the pattern to a more negative one. Below the uptrend lies 1.2814 the June high. Failure here is expected and will target 1.2706, the 200-day ma, then 1.2445 and 1.2250/00.” 

“Rallies are likely to find initial resistance at 55-day ma at 1.3010. Above here lies the 1.3201 March high and the 1.3468 multi-year downtrend and if seen we would expect this to again hold and provoke failure.”