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According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could now attempt a knee jerk after advancing to the 1.3040 region.

Key Quotes

GBP/USD saw a strong rebound from just ahead of the 1.2662 August low. The market has started to nibble at the 61.8% retracement at 1.3043 and we may see a small pull back from here. Above here will target the top of the range at 1.3260/1.3363. The rally last week looks directional and at this point we will attempt to buy dips”.

“Below 1.2662 would trigger further weakness to the 61.8% retracement of the move 2016-2018 and June 2017 low at 1.2593/89″.