GBP/USD bid above 1.2760 – Commerzbank

In view of Senior Technical Analyst at Commerzbank, Cable should stay bid while above the 1.2760 area.

Key Quotes

“Sterling remains short term bid while trading above Friday’s low at 1.2760. If slipped through, the February high at 1.2705 may be retested. We will remain medium term bullish while the currency pair stays above the 200 day ma at 1.2613, however. We allow for allow for further strength to the 55 week ma at 1.2986 to be seen once a rise above the current April high at 1.2930 has been witnessed”.

“Below 1.2613 would trigger a slide back to 1.2515, the April 18 low and the 1.2347 February low”.