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Despite the recent correction, Cable is still targeting the 1.3280 area, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD saw a strong recovery last week from just ahead of its 1.2945 uptrend but yesterday reversed those gains. While the uptrend holds, it maintains scope for a deeper recovery to the 1.3285 Fibonacci retracement. This is considered to be the last defence for the December high at 1.3515.”

“The market is currently underpinned by the 1.2945 uptrend and the December low at 1.2908.”