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According to Karen Jones, analyst at Commerzbank, GBP/USD pair is well placed for a challenge to the 1.3217 recent high.

Key Quotes

“Just above here we find the 55 week ma at 1.3221 and the 1.3298/September 2019 high. This represents a key band of resistance and we look for the market to fail in this vicinity. Dips lower will find interim support at 1.2994 (200 day ma) and 1.2968, last week’s 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.”