Karen Jones, analyst at Commerzbank, suggests that the GBP/USD pair has sold off to and bounced from the short term uptrend at 1.2959 and provided this holds we should see the market rally towards the 1.3363 July 2018 high.

“Overall target remains the 1.3584 200 week MA. Below the 1.2959 short term uptrend lies the double Fibo retracement at 1.2900/1.2895. This guards the recent low at 1.2772. Below 1.2772 we would allow for losses to the 1.2669/62 15th January low and August low and possibly the 1.2609/78.6% retracement.”