GBP/USD: To fail at Fibo resistance – Commerzbank

GBP/USD last week corrected higher and is poised to encounter the 61.8% retracement at 1.2516 and the 200 day ma at 1.2664, per Commerzbank.

Key quotes  

“Currently the market is indicated to fail here both on the daily chart and the intraday charts.” 

“Nearby support lies at 1.2194 and failure here should be enough to re-target the 1.1958 September 2019 low, this should be enough to alleviate upside pressure and refocus on 1.1491, the 2016 low.” 

“Above 1.2350 lies the 1.2516 61.8% retracement and the 1.2582 20th September high.”