GBP/USD: The 1.2643/93 resistance zone caps – Commerzbank

GBP/USD consolidates the downside as the cable was capped by the 1.263/93 resistance. The pair trades at 1.2585, down -0.18% on a day, though is unlikely to retest the 1.2543 support, Commerzbank’s Axel Rudolph briefs.

Key quotes

“GBP/USD has reached the 1.2643/93 resistance zone which capped as expected. It consists of the April highs and the 200-day moving average.” 

“The 1.2543 June 24 high is to soon be retested. Minor support below the 1.2543 June 24 high can be spotted along the 55-day moving average at 1.2434 and also along the March-to-July support line at 1.2341. Below the 1.2251 late June low lies the April low at 1.2163 and the May trough at 1.2072.” 

“Above the 200-day moving average at 1.2693 sits the June peak at 1.2814.”