GBP/USD: Further gains predicted above 1.3102 – Commerzbank

Pablo Piovano FXStreet

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.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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