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Karen Jones, Head of FICC Technical Analysis at Commerzbank noted Cable’s attention should now shift to 1.3218/98 band.

Key Quotes

GBP/USD did not sustain its initial break of its short term uptrend and on Friday reversed. This neutralises our outlook near term”.

“The market has recovered just ahead of Fibo support at 1.2905 and attention is now on minor resistance at 1.3218 and 1.3298 the September high”.

“Below 1.2905 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”.