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Cable’s continue its march north with the next target at 1.30 and possibly above, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

GBP/USD continues to square up to the psychological resistance at 1.3000 and the recent high at 1.3013. Directly above here we have the 200 week ma at 1.3116, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3185 and the 1.3187 May high and these remain our short term targets, this is TOUGH resistance and we look for the market to fail here. Above here lies 1.3382 the 2019 high”.