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In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable could advance to 1.3285 as long as the 1.2920 level holds the downside.

Key Quotes

GBP/USD charted an outside day to the downside on Friday and focus has shifted to its 1.2920 uptrend near term. This will need to hold for scope for a deeper recovery to the 1.3285 Fibonacci retracement to be seen. We have no strong bias.”

“The market is currently underpinned by the 1.2920 uptrend and the December low at 1.2908. Failure here would put the 200 day moving average at 1.2691 back on the plate.”