GBP/USD stays bid near term – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the near term stance on Cable remains bullish.

Key Quotes

“Last week Sterling reached the 55 week ma at 1.2966. It remains short term bid while trading above the April 21 low at 1.2760. We will remain medium term bullish while the currency pair stays above the 200 day ma at 1.2607. Around the 1.3000 mark the currency pair is likely to run out of steam, however, at least temporarily”.

“Below 1.2607 would trigger a slide back to 1.2515, the April 18 low and the 1.2347 February low”.