Cable could attempt to stabilize while its attention remains on 1.3298, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“GBP/USD is attempting to stabilise once again. The market last week recovered just ahead of Fibo support at 1.2905 and attention remains on 1.3298, the September high and 1.3363, the July high. These remain major break up points to 1.3495 the 200 day ma initially”.
“Dips will find support at 1.2980 a minor uptrend and 1.2924 the October low”.
“Below 1.2905 there is scope for a slide back to the 78.6% retracement at 1.2798/85 and the 6 th September low. This is seen as the last defence for the 1.2662 August low”.
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