GBP/USD: Scope for a test of 1.3285 – Commerzbank

The upside momentum in Cable could extend to the 1.3285 level, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“GBP/USD saw another recovery yesterday, which has eroded last weeks high and we will assume that there is scope for a deeper recovery to the 1.3285 Fibonacci retracement.”

“The market should remain underpinned by the 1.2874 uptrend and the December low at 1.2908. Failure at the 4 month uptrend would put the 200 day moving average at 1.2689 back on the plate.”