Cable continues to look to September’s peak near 1.3300 for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“GBP/USD rallied higher yesterday, but seems unable to make much headway currently. The market last week recovered just ahead of Fibo support at 1.2905 and attention remains on 1.3298, the September high and 1.3363, the July high. These remain major break up points to 1.3487 the 200 day ma initially”.
“Dips will find support at 1.2987 a minor uptrend and 1.2924 the October low”.