GBP/USD rallies seen struggling near 1.13250/1.3300 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, Cable’s upside could find strong resistance in the 1.3250/1.3300 band.

Key Quotes

“GBP/USD continues to squeeze higher. Rallies are indicated to terminate at 1.3250/1.3300 and this will leave the market still under pressure in its range”.

“The pattern on the chart appears to be developing into a larger descending triangle pattern. The focus is on the 1.2797/50 July low and the long term Fibonacci support”.

“A close below here will be regarded as very negative and target 1.2060. Key resistance is now the top of the triangle at 1.3353 as well as the mid-July high at 1.3481”.