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GBP/USD is approaching the 2007-2020 resistance line at 1.3522 as the cable gets a warm welcome after returning from the long weekend. The pair rises to 1.3410, currently around 1.3408, up 0.30% on a day. Commerzbank’s Karen Jones expects GBP/USD to hold the initial test of the aforementioned resistance line.

Key quotes

“GBP/USD is heading towards the 1.3500/15 the December 2019 high and the January 2009 low. Here we also find the 1.3522 2009-2020 resistance line and we would allow for this to hold the initial test. This is considered to be a major break up point to the 1.4377 2018 high longer-term.” 

“Minor support is seen at the 1.3268 August 19 high and also around the March peak at 1.3201.”

 

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