GBP/USD looks to test 1.3260/1.3363 – Commerzbank

Cable could attempt to re-visit the 1.3260/1.3363 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD continues to rebound from just ahead of the 1.2662 August low. The market has eroded the 61.8% retracement at 1.3043 and we look for gains to the top of the range at 1.3260/1.3363. The rally last week looks directional and at this point we will attempt to buy dips”.

“Below 1.2662 would trigger further weakness to the 61.8% retracement of the move 2016-2018 and June 2017 low at 1.2593/89”.