Cable is now looking to a probable move to the near-term uptrend at 1.2911, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.
“GBP/USD charted an outside day to the downside on Friday and focus has shifted to its 1.2911 uptrend near term. This will need to hold for scope for a deeper recovery to the 1.3285 Fibonacci retracement to be seen. We have no strong bias.”
“The market is currently underpinned by the 1.2911 uptrend and the December low at 1.2908. Failure here would put the 200 day moving average at 1.2690 back on the plate.”