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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s downside should be limited and hold above the 1.2930 area.

Key Quotes

GBP/USD is seeing a correction lower unfold near term. Below the market lies the 55 day moving average at 1.2992. Currently the technical signals are conflicting – but we suspect that the downside scope is now pretty limited and should hold above the near term support line at 1.2932. It will maintain an upside bias above the 55 day ma”.

“A move above last week’s high at 1.3298 would bring the 1.3363 July into focus. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3514 June high and 200 day moving average”.