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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted Cable risks a deeper retracement in the short term horizon.

Key Quotes

GBP/USD is seeing a correction lower unfold near term. Below it lies the 55 day moving average at 1.2996. Currently the technical signals are conflicting – and for now we will attempt to buy the dip. 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”.