Outlook on GBP/USD remains neutral – Commerzbank

In view of Karen Jones, Head of FICC Analysis at Commerzbank, Cable’s neart term stance remains tilted to the neutral side.

Key Quotes

“GBP/USD has sold off to its 55 day ma and support line at 1.2995/1.3008, which held the downside probe last week. The market recently recovered just ahead of Fibo support at 1.2905 but is currently showing little interest in tackling resistance offered by 1.3298, the September high and 1.3363, the July high. These remain major break up points to 1.3477 the 200 day ma initially. Currently the outlook is fairly neutral”.

“Dips will find support at 1.3008 a minor uptrend and 1.2924 the October low”.