GBP/USD outlook is now neutral – Commerzbank

The outlook for Cable is now neutral, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“GBP/USD’ s outlook is pretty neutral. It recently has not sustained a break of its short term uptrend, but equally it has not done enough to break higher either”.

“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”.