GBP/USD now eyes 1.3029 – Commerzbank

Following the recent price action, Cable is now poised to challenge 1.3029, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD charted an outside day to the topside and is now in a good position to re-challenge the 55 day ma at 1.3029 and the 23.6% retracement at 1.3066. It increasingly looks to have based from a slightly longer term perspective at 1.2662. Above 1.3066 we look for a challenge of the 1.3173 July 30 high and the 1.3363 9 th July high. Minor resistance below this level comes in at the 1.3102 late June lows. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3536 June high and 200 day moving average”.

“Intraday the cross stays bid above 1.2795. Below 1.2795 will imply a retest of the 1.2662 August low”.