Axel Rudolph, Senior Technical Analysis at Commerzbank, suggested Cable needs to close above 1.4345 to allow for extra gains.
“GBP/USD’s rise above the 1.4245 March high put the 1.4340/45 January high and long term Fibonacci retracement on the map. A daily close above 1.4345 is required to confirm that the cross is ready to resume its bull trend. The 1.4345 high guards the 1.4565 April 2015 low and the 1.4957 2007-2018 resistance line”.
“The currency pair stays bid while above five month uptrend line at 1.3985. Minor support above it comes in at the 1.4145 mid-February high”.
“Below the five month uptrend line support can be seen between the February and the March lows at 1.3765/12 and also at the 1.3658 September peak”.
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