GBP/USD: Strong rally places the spotlight on the 1.3658/71 Sept high – Commerzbank

According to Karen Jones, Analyst at Commerzbank, the GBP/USD pair remains poised to its near-term upward trajectory back towards September highs.

Key quotes:

“GBP/USD is poised to challenge the 1.3550 December high. It has recently broken above the 2014-2017 downtrend and this has introduced scope to the 1.3658/71 September high and double Fibonacci retracement. It is bid above the 1.3300 level. Intraday dips lower are indicated to hold circa 1.3450.”

“The 1.3300 support guards the 1.3237 2014-17 uptrend – this represents the break down point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement.”