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The short-term uptrend at 1.2250 is dominating the GBP/USD pair and analysts at Commerzbank are focused on the 200-day moving average at 1.2662. FX Strategists at UOB Group also expect the cable to trade above 1.26.

Key quotes

“GBP/USD stays bid this week while underpinned by the short-term uptrend at 1.2250. Focus has shifted to the top of the range at 1.2643/61.”

“A daily chart close above the 200-day moving average at 1.2664 is required to target the 78.6% Fibonacci retracement at 1.2818.”