Axel Rudolph, an analyst at Commerzbank, points out that GBP/USD has reached the January high at 1.3217 which so far capped.

• “Minor support below yesterday’s low at 1.3104 is offered by the 1.3013 October high. It guards the 1.2768 November low. Failure at 1.2768 would probably see a slide to the 200-day moving average at 1.2697 below which lies the 1.2582 September high.
• A daily chart close above the 1.3217 January high would open the way to the 1.3382-mark peak and potentially the 61.8% Fibonacci retracement at 1.3453 to be reached.”