Analysts at Commerzbank explained that GBP/USD remains below the1.3188/97, the 61.8% retracement and 3 rd April high, where it has stalled temporarily:
"It will need to regain 1.3217 (25th January high) to introduce scope up to the 1.3351/82 resistance, where we expect it to struggle. Conflicting intraday Elliott wave counts leave us side lined. Dips lower should hold around the 200 day ma at 1.2950. Failure here targets the 1.2918 support line and the 1.2865 April low and this in turn protects the February low at 1.2772."
"It will need to regain 1.3217 (25th January high) to introduce scope up to the 1.3351/82 resistance, where we expect it to struggle. Conflicting intraday Elliott wave counts leave us side lined. Dips lower should hold around the 200 day ma at 1.2950. Failure here targets the 1.2918 support line and the 1.2865 April low and this in turn protects the February low at 1.2772."