GBP/USD upside bias above 1.2615 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, Cable’s stance remains positive while above 1.2615.

Key Quotes

“Sterling has eroded key short term resistance offered by the channel, the 200 day ma, the 1.2707 January high and the 1.2836 long term Fibonacci resistances. The break looks directional and we will assume an upside bias above 1.2615 (200 day ma). We allow for allow for further strength to the 55 week ma at 1.2986 if it were to rise above today’s high at 1.2930. First a minor consolidation lower should be seen, though with the 1.2705 February high being eyed”.

“Below 1.2614 would trigger a slide back to 1.2515, the April 18 low and the 1.2347 February low”.