GBP/USD bid above 1.3043/47 – Commerzbank

Cable’s stance should remain bid while above the 1.3043/47 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is extremely close to the 50% retracement at 1.3255 and we now have a 13 counts on the daily, 60 and 240 minute charts and the near term risk is for initial failure. Above 1.3255 we have TD resistance at 1.3311 and the 1.3446/1.3502 September 2016 high and the 2009 low. But we are cautious and would prefer to buy the dip. It has a near term uptrend at 1.3047 and 20 day ma at 1.3043, while above here it is bid”.

“Below the uptrend will trigger losses to the support circa 1.2775/50”.