GBP/USD scope for extra upside – Commerzbank

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”.

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