Karen Jones, Team Head FICC Technical Analysis at Commerzbank, noted Cable stays posed for a move to the 1.30 area and potentially above.
Key Quotes
“GBP/USD continues to recover from the 1.2764/ 23.6% retracement. It is poised to tackle the psychological resistance at 1.3000 and the recent high at 1.3013. Directly above here we have the 200 week ma at 1.3116 and the 1.3187 May high and these remain our short term targets, we look for the market to be capped here. Above here lies 1.3382 the 2019 high”.
“Failure at 1.2764 will see a slide to the 200 day ma at 1.2703. This guards 1.2582 (September high). Below 1.2582 lies the 1.2457 uptrend. The uptrend guards 1.2196/94″.
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