GBP/USD rallies could struggle near 1.3415 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts could find strong resistance in the 1.3415 area.

Key Quotes

“GBP/USD has broken down from its triangle. Given the prior sell off the risks are on the downside and the downside measured target for this triangle is 1.2415”.

“Initial support is 1.3056, the 26th July low, and the 1.2797/50 July low and Fibo. If we are correct than we should see rallies remain capped circa 1.3415”.

“The top of the triangle pattern lies at 1.3415 and 1.3534, the 29th June high and while capped here we are negative”.