The long-term target in the pair remains at 1.3502, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quotes “GBP/USD has started to correct higher very near term, we highlighted yesterday that the daily RSI has diverged and opted to exit our short positions”. “We suspect rallies will remain shallow and maintain our downside target remains 1.3502 the 2009 low. Below 1.3500 our primary target will be 1.2750 the 78.6% retracement at 1985”. For more information, read our latest forex news.