GBP/USD: stalls below recent highs at 1.3614/58 - Commerzbank

Karen Jones, Analyst at Commerzbank, maintains a bullish outlook for the GBP/USD pair and expects intraday dips to hold at circa 1.3450. 

Key quotes:

“GBP/USD stalls below recent highs at 1.3614/58, made in September and January. Having said that, it has recently broken above the 2014-2017 downtrend and this has introduced scope to the 1.3658/71 September high and double Fibonacci retracement."

“The 1.3300 support guards the 1.3265 2014-17 uptrend – this represents the break down point to 1.2830/1.2774, the 38.2% retracement and August low, and the 1.2575 50% retracement.”