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Cable could extend the corrective upside to the 1.3470/1.3500 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD is correcting higher and has reached 1.3327 the top of the near term channel. This is under pressure to give way and we would allow for a corrective rebound near term towards the 1.3470/1.3500 area and there is scope for the 1.3587 200 day ma (although this is less favoured)”.

“The market appears to have reversed just ahead of strong support offered by the 1.3040 October 2017 low”.