GBP/USD: Rally has steam – Commerzbank

The cable is painting a potential continuation pattern on the chart, therefore, today’s outlook for the GBP/USD pair is bullish, according to Karen Jones, an analyst at Commerzbank.

Key quotes

“GBP/USD is rallying from 1.2872 and this increasingly looks like a potential continuation pattern developing on the chart.” 

“Rallies will find initial resistance at the 55-day ma at 1.3063 ahead of the near term resistance line at 1.3120 and will need to regain this latter level on a closing basis to alleviate downside pressure and confirm the move higher to initially 1.3285.”