GBP/USD: Loss of the 1.2690 support to trigger a slump to 1.2250/00 – Commerzbank

GBP/USD looks to be back under pressure as the market is seeing dollar strength across the board. The pair is trading near to the 1.2780 daily low and a loss of the 1.2690 support is set to trigger a deeper fall to the 1.2250/00 zone, per Commerzbank.

Key quotes

“GBP/USD’s bounce from the 200-day ma at 1.2724 appears to be over and while capped by the 20-day ma at 1.3070, a negative bias is maintained.”

“Loss of the 1.2690 Fibo support should be enough to trigger a slide to 1.2445 and then 1.2250/00.” 

“The 20-day ma guards the recent high at 1.3483 and the 1.3522 downtrend.”