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Karen Jones, analyst at Commerzbank, suggests that the GBP/USD pair has shot higher and is now approaching the 1.3363 July 2018 high and they suspect that we may well see some near term consolidation ahead of another further upside attempts.

Key Quotes

“The close above 1.3298 has introduced scope to the 1.3599 200 week ma. Dips lower will find an accelerated uptrend at 1.3188 ahead of interim support at 1.2992 (200 day ma) and 1.2968, last weeks low. This guards the recent low at 1.2772.”

“Below the 1.2739/61.8% retracement we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”