GBP/USD rallies could falter near 1.3200 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside is expected to run out of steam near the 1.3200 handle.

Key Quotes

“GBP/USD last week squeezed higher. Rallies are indicated to terminate circa 1.3200/67 and this will leave the market still under pressure following the recent break down from its triangle”.

“The pattern on the chart is no longer a symmetrical triangle but appears to be developing into a larger descending triangle pattern. The focus is on the 1.2797/50 July low and Fibo and a close below here will be regarded as very negative and target 1.2060. Key resistance is now the top of the triangle at 1.3367”.