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In light of the recent price action, Cable could attempt a move to the 1.2910/75 band, where it is expected to fail, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD has sold off towards and recovered just ahead of the 1.2662 August low. We would allow for a corrective rebound into the band 1.2910/75 ahead of failure. Below 1.2662 would trigger further weakness to the 61.8% retracement of the move 2016-2018 and June 2017 low at 1.2593/89″.

“Resistance at 1.3298/1.3363 guards the 200 day ma at 1.3443″.