GBP/USD to fall back to the 1.3148 mark on a break below July lows at 1.3571 – Commerzbank

GBP/USD is trading around 1.3650. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cable to hold above the 1.3571 July low but a break below here would expose the 1.3148 region.

See – GBP/USD set to break below July lows at 1.3570 – ING

Potential for the 200-week ma at 1.3146

“GBP/USD’s sell-off is approaching the 1.3571 July low and the 55-week ma at 1.3592 and we would allow for some profit taking here.” 

“Rallies will find initial resistance at the 200-day ma at 1.3792 ahead of the 1.3825 accelerated downtrend. This guards the 55-day ma at 1.3864 and the 1.4003/18 medium-term pivot, which is expected to contain the topside.”

“Below 1.3571 would introduce scope longer-term for a move back to the 200-week ma at 1.3148. We have a 50% retracement level at 1.3457 of the move up from September 2020.”