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Karen Jones, an badyst at Commerzbank, notes that GBP / USD continued to rebound after 200 days to 1.2977, offsetting their immediate outlook.
Key Quotes
"Erosion of the 20-day duration suggests resistance to resistance 1.3351 / 82. Below 200 monthly days are 1.2929 months of 55 weeks and double Fibo retracement at 1.2900 / 1. , 2895, which is a solid support that should contain. This keeps the recent low at 1.2772. The market recently reached 1.3382 before failing. If the 55 week period is maintained, our overall goal remains at 1.3552 weeks. "
"Below 1.2772, we would take into account the losses of January 15 (1.2669 / 62) and August lows, or even the 1.2609 / 78.6% retracement".
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