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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable should close above 1.3137 to allow for gains to the 1.3260/1.3363 band.

Key Quotes

GBP/USD has not managed to clear the 78.6% retracement at 1.3137 on a closing basis. We will need to see this for gains to the top of the range at 1.3260/1.3363. We would allow for near term dips lower but for now will stand aside. We have minor support at 1.3026 day ma ahead of 1.2922 (the early October low) ahead of the 1.2662 August low”.

“Resistance at 1.3298/1.3363 guards the 200 day ma at 1.3399″.