JPM on the cable technicals
JP Morgan FX Technical Strategy Research notes that GBP/USD bullish breakout four weeks still en-route for an extended recovery into 1.3187 (int. 38.2 % on higher scale).
If GBP/USD rally manages to clear above 1.3187, then this would be a game change in the big picture, JPM argues.
However, below 1.3187, JPM argues that the risk remains for breaking again below 1.2831 and below 1.2752/07 (minor 38.2 %/pivot).
The high today was 1.3048 on the retail sales pop but the pair has drifted back down to 1.2993 as the US dollar recovers.
