GBP/USD stays bid, could test 1.3000/60 – Commerzbank

Cable remains bid for the time being and could test the 1.3000 level and beyond, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is bid near term and capable of retesting the 1.3000/60 recent highs. The market remains well supported at 1.2775/50 and is capable of retesting the 1.3000/1.3060 recent highs – these should continue to act as formidable resistance”.

“The market should now find decent support circa 1.2775/50. Below 1.2750 there is scope for an extension to its 200 day ma and uptrend at 1.2548/89”.

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