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Karen Jones, analyst at Commerzbank, points out that GBP/USD has reached the 61.8% retracement of the move seen this year, at 1.2838.

Key Quotes

“We are seeing some slight consolidation here, but provided dips lower hold over 1.2582 (20th September high) an immediate upside bias is maintained. There is scope for further strength towards the 200 week ma at 1.3156.”

“Immediate support lies at 1.2582 the 20th September high ahead of the 1.2382 17th July low and the 1.2248 uptrend. The near term uptrend guards 1.2196/94.”

“Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”