GBP/USD remains neutral near term – Commerzbank

Cable’s short-term stance remains on the neutral side and it has shifted the attention to the 1.3218/98 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD’s outlook remains pretty neutral. Very near term it is creeping higher. The market has recently recovered just ahead of Fibo support at 1.2905 and attention is now on minor resistance at 1.3218 and 1.3298 the September high”.

“Below 1.2905 there is scope for a slide back to the 78.6% retracement at 1.2798/85 and the 6 th September low. This is seen as the last defence for the 1.2662 August low”.