GBP/USD now focused on 1.3218/98 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank noted Cable’s attention should now shift to 1.3218/98 band.

Key Quotes

“GBP/USD did not sustain its initial break of its short term uptrend and on Friday reversed. This neutralises our outlook near term”.

“The market has recovered just ahead of Fibo support at 1.2905 and attention is now on minor resistance at 1.3218 and 1.3298 the September high”.

“Below 1.2905 there is scope for a slide back to the 78.6% retracement at 1.2798/85 and the 6 th September low. This is seen as the last defence for the 1.2662 August low”.