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The current upside move in Cable could see the 1.3260/1.3363 band retested, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD continues to recover and we look for gains to the top of the range at 1.3260/1.3363. The rally last week looks directional and at this point we will attempt to buy the dips. We have initial support at 1.2922 (early October low) ahead if the 1.2662 August low”.

“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″.