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The GBP/USD pair is again backing away from the 1.3500/15 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects a setback with next support seen at the 1.3129 55-day moving average.

Key quotes

“GBP/USD is again backing away from tough resistance at the 1.3500/1.3540 recent high and December 2019 high. We are alert to a set back from here near-term.” 

“Nearby support is offered by the 55-day moving average at 1.3129 and also by 1.3050, the five-month uptrend and for now, while above here the market remains bid.” 

“The 1.3515/40 December 2019 high is considered to be a major break up point to the 1.4377 2018 high longer-term. This is such major resistance we will need to see two daily closes or a weekly close above here to confirm a break higher.”