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″.
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