GBP/USD now focused on 1.3481/1.3534 – Commerzbank

In view of Senior Technical Analyst at Commerzbank Axel Rudolph, a surpass of the 1.3481/1.3534 band could prompt a shift in Cable’s medium term outlook.

Key Quotes

“GBP/USD’s rise above the August peak at 1.3370 has taken it to its current September high at 1.3443, to just below the mid-July high at 1.3481. Only if it and the late June high at 1.3534 were to be overcome, would have to neutralize our medium term outlook”.

“The medium term focus is on the 1.2797/50 July low and the long term Fibonacci support. A close below here will be regarded as very negative and target 1.2060”.