GBP/USD remains bid, targets 1.3214/1.3363 – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains bid and could test 1.3214 ahead of 1.3363.

Key Quotes

“GBP/USD is bid following the erosion of key short term resistance offered by the 55 day ma at 1.3010 and the 23.6% retracement at 1.3066. The close above here targets the 1.3214 July 26 high and the 1.3363 9 th July high. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3522 June high and 200 day moving average”.

“We have a short term up trend at 1.2867 which maintains immediate upside pressure”.

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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