GBP/USD now focused on 1.3363 – Commerzbank

In light of the recent price action, Cable has now shifted its focus to the 1.3360 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD busted through the 1.3214 July 26th high and attention is on the 1.3363 July high. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3520 June high and 200 day moving average”.

“The market will stay bid while dips hold over the 55 and 20 day moving averages at 1.3010/25. We have a short term uptrend at 1.2883 which maintains immediate upside pressure”.

“Intraday the cross stays bid above 1.2785 (5 th September low). Below 1.2785 will imply a retest of the 1.2662 August low”.