Karen Jones, analyst at Commerzbank, points out that the GBP/USD pair has reached the short term uptrend at 1.2958 this morning, after it sold off into its corrective target zone circa 1.3060-1.3000 in the previous week.
“Provided it recovers from this vicinity we should see the market rally towards the 1.3363 July 2018 high. Overall target remains the 1.3584 200 week ma.”
“Below the 1.2958 short term uptrend lies the double Fibo retracement at 1.2900/1.2895. This guards the recent low at 1.2772.”