GBP/USD targets 1.2797/50 while below 1.3481 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, Cable keeps targeting the 1.2797/50 band as long as 1.3281 caps.

Key Quotes

“GBP/USD’s rise above the August peak at 1.3370 has taken it to its current September high at 1.3443, to just below the mid-July high at 1.3481. Only if it and the late June high at 1.3534 were to be overcome, would have to neutralize our medium term outlook”.

“While 1.3481 caps, the medium term focus will remain on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060”.