GBP/USD: Approaching the 1.2335 resistance – Commerzbank

GBP/USD is tightly confined within a converging range (1.2217-1.2335) but is pushing hard into the resistance at 1.2335, currently trading at 1.2330, per Commerzbank.

Key quotes

“There is a support line at 1.2217 and a downtrend at 1.2335, a break out from this range is needed to give direction.” 

“Above 1.2335 focus can shift to the top of the range at 1.2643/61. Initial resistance lies at 1.2468 the 8th May high.” 

“Below 1.2217 lies the 50% retracement of the March-to-April advance at 1.2030 below which lies the minor psychological 1.2000 mark. Further down sit the September low at 1.1958 and the March 20 high at 1.1935.”