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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″.