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In opinion of Karen Jones, Team Head of FICC Technical Analysis at Commerzbank, Cable could still advance to the 1.3280 region.

Key Quotes

GBP/USD held steady holding on to recent gains and we will assume that there is scope for a deeper recovery to the 1.3285 Fibonacci retracement.”

“The market should remain underpinned by the 1.2884 uptrend and the December low at 1.2908. Failure here would put the 200 day moving average at 1.2689 back on the plate.”