GBP/USD - May high at 1.3049 may offer support - Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, the GBP/USD pair viewed negatively and intraday rallies are likely to be short lived.

Key quotes

GBP/USD has collapsed lower down through the uptrend and to the 55 day ma at 1.3130. This break lower suggests another leg lower to the 1.2888 2016-2017 uptrend. Intraday rallies are likely to struggle 1.3260/90. The May high at 1.3049 may offer temporary support, we note the 13 count on the 60 and 240 minute charts. 

The market has recently failed at the 1.3579 2014-2017 downtrend and is viewed negatively