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In light of the recent price action, Cable is expected to face an important resistance in the 1.3500/1.3515 band, in opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

GBP/USD has started to erode the 1.3418 multi-year downtrend and now faces the 1.3500/1.3515 December 2019 high. This is a long term pivot and both levels represent major resistance.”

“Nearby support is offered by the 55 day moving average at 1.3058 and also by 1.3003, the 5 month uptrend and for now, while above here the market remains bid.”