GBP/USD bullish above 1.2609 medium term – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, noted Cable’s outlook remains bullish while above 1.2609 in the medium term.

Key Quotes

“Sterling remains short term bid while trading above Friday’s low at 1.2760. We will remain medium term bullish while the currency pair stays above the 200 day ma at 1.2609. We allow for further strength to the 55 week ma at 1.2988 to be seen once a rise above the current April high at 1.2930 has been witnessed. Between it and the 1.3000 mark it is likely to run out of steam, however, at least temporarily”.

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