In light of the recent performance, Cable is now poised to challenge the 1.3023/66 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD charted an outside day to the topside recently and is now in a good position to re-challenge the 55 day ma at 1.3023 and the 23.6% retracement at 1.3066. It increasingly looks to have based from a slightly longer term perspective at 1.2662. Above 1.3066 we look for a challenge of the 1.3173 July 30 high and the 1.3363 9 th July high. Minor resistance below this level comes in at the 1.3102 late June lows. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3534 June high and 200 day moving average”.
“Intraday the cross stays bid above 1.2795. Below 1.2795 will imply a retest of the 1.2662 August low”.
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