GBP/USD scope for extra upside – Commerzbank

Pablo Piovano FXStreet

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could attempt a test of 1.3173 ahead of 1.3363.

Key Quotes

“GBP/USD has eroded key short term resistance offered by the 55 day ma at 1.3013 and the 23.6% retracement at 1.3066. The close above here should be enough to confirm further upside attempts. We have a short term channel resistance at 1.3131 on the day and this is its near term hurdle, the base of the channel at 1.2842 should act as support”.

“We look for a challenge of the 1.3173 July 30 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 1.3473/1.3526 June high and 200 day moving average”.

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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