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The continuation of the upside momentum in Cable is predicted to meet a tough barrier in the 1.3500/15 area, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

GBP/USD has eroded its long term downtrend and is approaching the 1.3500/1.3515 December 2019 high. This is a long term pivot and both levels represent major resistance, we would allow for them to hold the initial test.”

“Nearby support is offered by the 55 day moving average at 1.3065 and also by 1.3009, the 5 month uptrend and for now, while above here the market remains bid.”