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GBP/USD could climb to the 1.3460 area – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, Cable could accelerate its upside if the 1.3340 area is cleared.

Key Quotes

GBP/USD reacted positively following the UK budget. It is approaching 1.3338/43, the 50% retracement and the mid October high. While it holds here, our attention remains on the 1.3076 2016- 2017 uptrend. Above 1.3343 (50% retracement) would trigger a deeper recovery to potentially 1.3466, the 2014-2017 downtrend”.

“The recent October high and the 50% retracement at 1.3338/43 continue to act as a short term ceiling for the market”.

“The 1.3076 level represents the break down point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement”.

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