GBP/USD now aims for 1.3470/1.3500 – Commerzbank

Cable could extend the corrective upside to the 1.3470/1.3500 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD is correcting higher and has reached 1.3327 the top of the near term channel. This is under pressure to give way and we would allow for a corrective rebound near term towards the 1.3470/1.3500 area and there is scope for the 1.3587 200 day ma (although this is less favoured)”.

“The market appears to have reversed just ahead of strong support offered by the 1.3040 October 2017 low”.