GBP/USD to see a leg higher towards the 1.4018 mark – Commerzbank

GBP/USD has rebounded off the 1.3734/26 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the cable to retest the 1.4018 medium-term pivot.

See – GBP/USD: Four reasons to be cautious on short-term sterling upside – MUFG

Below 1.3726, strong support is at the 1.3571 July low

“GBP/USD is again bouncing from 1.3734/26, a near-term pivot and whilst this area underpins, we would allow for recovery and a further upside attempt to the more important 1.3984/1.4018 medium-term pivot.” 

“A rise above 1.4018 is needed to rejuvenate the chart to target the February and June highs at 1.428/49.”

“Below 1.3726, we have strong support offered by the 1.3571 July low and the 55-week ma at 1.3622 and these are expected to act as strong support.”