GBP/USD now looks to 1.3500 and above – Commerzbank

The upside momentum in Cable is expected to visit the 1.3500/15 band, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“GBP/USD is poised to reach the 1.3500/1.3515 December 2019 high. This is a long term pivot and represents major resistance, we would it to hold the initial test. The Elliott wave count is suggesting a pull back into the 1.3300-1.3215 range.”

“Nearby support is offered by the 55 day moving average at 1.3075 and also by 1.3015, the 5 month uptrend and for now, while above here the market remains bid.”