GBP/USD now targets 1.3446 – Commerzbank

Cable’s outlook is positive for the time being and is now targeting the 1.3440 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is positive. GBP/USD has stabilised ahead of its near term uptrend, currently at 1.2974 and now broken to new highs, we will assume that it is reasserting its upmove.. The break above 1.3060 targets the 1.3446 September high”.

“It has a near term uptrend at 1.2974 and 20 day ma at 1.2986, while above here it is bid”.

“The market should now find decent support circa 1.2775/50. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2585/1.2611”.