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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable’s upside pressure appears well sustained above 1.2851.

Key Quotes

GBP/USD last week eroded key short term resistance offered by the 55 day ma at 1.3010 and the 23.6% retracement at 1.3066. The close above here should be enough to confirm further upside attempts. We have a short term channel resistance and last weeks high at 1.3140/43 today and this is its near term hurdle, the base of the channel at 1.2851 should maintain upside pressure”.

“We look for a challenge of the 1.3173 July 30 high and the 1.3363 9 th July high. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3523 June high and 200 day moving average”.

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