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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable stays downside corrective in the short-tern.

Key Quotes

GBP/USD remains downside corrective near term. It has sold off to its short term uptrend at 1.2949 today – it will need to hold here for near term stability to be maintained. Currently the technical signals are conflicting – but we suspect that it should hold. Failure here will target the 1.2785 5 th September low”.

“A move above last week’s high at 1.3298 would bring the 1.3363 July into focus. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3514 June high and 200 day moving average”.