In opinion of Senior Analyst at Commerzbank Axel Rudolph, a move above 1.3298 could encourage Cable to visit 1.3363.
Key Quotes
“Last week GBP/USD rose to its current September high at 1.3298 before forming a minor top and slipping to 1.3054. This week recovery is seen from this level. Below it lies the 55 day moving average at 1.3001″.
“Were last week’s high at 1.3298 to be exceeded, the 1.3363 July high would be in focus. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3520 June high and 200 day moving average”.
“The market will stay bid while dips hold over the 55 day moving average at 1.3003″.
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