GBP/USD to grind higher towards the 1.4018 resistance – Commerzbank

GBP/USD on Friday managed to clear the 200 and 55-day moving average as well as its short-term downtrend. The cable should head higher from here, in the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Initial support seen at the 1.3775 mark

“We would allow for further near-term gains to the more important 1.3984/1.4018 medium-term pivot.”

“A rise above 1.4018 is needed to rejuvenate the chart to target the February and June highs at 1.428/49.”

“Dips lower will find initial support at the near-term uptrend at 1.3775. Below the market, we have strong support offered by the 1.3571 July low and the 55-week ma at 1.3622 and these are expected to act as a floor for the market.”