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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains downside corrective for the time being.

Key Quotes

GBP/USD has not sustained its initial break of its short term uptrend but also not done enough to recover either. It fairly neutral but we are slightly bias to it remaining downside corrective near term. There is scope for a slide back to the 78.6% retracement at 1.2798/85 and the 6 th September low. This is seen as the last defence for the 1.2662 August low”.

“Below 1.2785 will imply a retest of the 1.2662 August low”.