GBP/USD remains bid above 103.50 – Commerzbank

FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair will remain bullish as long as trades above the mid-103.00s.

Key Quotes

“USD/JPY still bounces off the 61.8% Fibonacci retracement at 103.66 towards the 104.13 April high”.

“Minor support below 103.66 comes in around the July peak at 103.15”.

“The August high at 104.49 is regarded as the last defence for the 105.45 2014 peak”.

“We will retain our immediately bullish view while USD/JPY remains above the August 22 low at 103.50 on a daily chart closing basis”.