GBP/USD: Break above 1.4238/45 to open the way towards the 1.4377 2018 high – Commerzbank

GBP/USD  is approaching the 1.4238/45 February high. Above here, cable would target the 1.4377 2018 high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

See: GBP/USD set to drop below the 1.40 mark later in the year – Rabobank

Uptrend at 1.3800 underpins cable

“GBP/USD is holding above 1.4000 and attention is on 1.4238/45, the recent high and the March 2018 high and these are now exposed.”

“Cable remains bullish while dips hold above the uptrend at 1.3800. We have an additional support line at 1.3861 and interim support at 1.4000/18.” 

“We note the strong buy signal on the daily DMI and look for gains through here to 1.4377 the 2018 high.”