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The GBP/USD pair trades in new two and a half year highs and is set to skyrocket to the 2018 high of 1.4377 if the cable closes above the 1.3515/55 area, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, briefs. 

Key quotes

“On Wednesday, GBP/USD raised above key resistance which sits between the December 2019 and early December 2020 highs at 1.3515/55. A rise above this area on a daily chart closing basis would lead to the 2018 peak at 1.4377 being targeted.” 

“Immediate upside pressure should be maintained while the cross remains above its current December low at 1.3135.” 

“Only a drop below the 1.3135 low would negate upside pressure and target 1.2855 November low as well as the 200-day moving average at 1.2764.”