GBP/USD rallied strongly on Friday, but failed at key 1.9954-59 resistance, which is its 200-day moving average and 8 month downtrend line, notes Commerzbank analyst Andy hart. This, says Hart, gives the rate a neutral to negative outlook, and a likely trading range between the trendline parameters of 1.9959-1.9404. Near-term Hart says the 55-day moving average at 1.9702 looks exposed. For a strategy he favors selling at market, with a stop at 1.9960, to target 1.9404. GBP/USD now at 1.9851.
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