GBP/USD: Further gains predicted above 1.3102 – Commerzbank

Cable could target a move to the 1.3280 region when/if the 1.3102 level is cleared, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“GBP/USD has so far been thwarted by the 55 day ma at 1.30645 and is easing back from here – this should be pretty limited The overall pattern looks like a potential falling wedge (or continuation pattern) BUT this will only be confirmed by a close above the short term downtrend at 1.3102. This would confirm the move higher to initially 1.3285 and the 2015-2020 resistance line at 1.3412.”