GBP/USD maintains an upside bias above the 1.2928 uptrend – Commerzbank

GBP/USD is holding up better than other currency pairs as the cable looks to regain ground above the 1.3000 level. While the pair trades above the 1.2928 uptrend, Commerzbank’s Karen Jones believes a retest of the March high at 1.3201 and the recent high of 1.3483 is possible. 

Key quotes

“GBP/USD has eased back to, tested and held the near-term uptrend at 1.2928. While this holds, the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would expect this to again hold and provoke failure.” 

“Below the 1.2928 uptrend lies 1.2814 the June high. Failure here will target 1.2709 the 200 day ma then 1.2445 and 1.2250/00.”