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In view of Axel Rudolph, Senior Analyst at Commerzbank, Cable could slip back to the 1.3000 neighbourhood.

Key Quotes

“Last week GBP/USD rose to its current September high at 1.3298 before forming a minor top and slipping again. Over the next few days the 55 day moving average at 1.3003 could be revisited”.

“Were last week’s high at 1.3298 to be exceeded, however, the 1.3363 July high would be in focus. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3520 June high and 200 day moving average”.

“The market will stay bid while dips hold over the 55 day moving average at 1.3003″.