GBP/USD faces strong resistance at 1.3000/60 – Commerzbank

Cable’s occasional bullish attempts should find a tough resistance in the 1.3000/60 band for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The market has failed yet again at the 1.3000/1.3060 recent highs – these should continue to act as formidable resistance. It is on the defensive but the intraday Elliott wave counts are suggesting that we should stabilise in this vicinity ahead of a re-attempt on 1.3060”.

“The market should now find decent support circa 1.2775/50 ahead of further strength. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2547/67”.