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GBP/USD nears the September and current December highs which were made at 1.3483 and 1.3540, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“GBP/USD is seeing a strong bounce from the 55-day moving average at 1.3158 and nears the 1.3479/83 September and December 9 highs. Key resistance above this area remains the December 2019 and recent highs at 1.3515/40.” 

“A drop below the 2020 uptrend line at 1.3142 would negate upside pressure and target 1.2855 November low as well as the 200-day moving average at 1.2759.”