GBP/USD: Trading in one month lows – Commerzbank

GBP/USD trades in one month lows, slides towards the 1.2000 zone, Axel Rudolph from Commerzbank reports. 

Key quotes

“GBP/USD trades in one month lows and nears the 50% retracement of the March-to-April advance at 1.2030 as well as the minor psychological 1.2000 mark. Below it lie the September low at 1.1958 and the March 20 high at 1.1935.” 

“Fibonacci support en route below 1.2030 is found at 1.1883 and at 1.1675.”

“Near-term rallies should find initial resistance at the 1.2247 April 21st low with further resistance coming in at the 1.2468 May 8 th high ahead of the 200-day ma at 1.2655.”