GBP/USD remains bid, targets 1.3214/1.3363 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable remains bid and could test 1.3214 ahead of 1.3363.

Key Quotes

“GBP/USD is bid following the erosion of key short term resistance offered by the 55 day ma at 1.3010 and the 23.6% retracement at 1.3066. The close above here targets the 1.3214 July 26 high and the 1.3363 9 th July high. A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3522 June high and 200 day moving average”.

“We have a short term up trend at 1.2867 which maintains immediate upside pressure”.