In view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, Cable’s upside remains limited by the key handle at 1.30 the figure.

“GBP/USD remains capped by the psychological resistance at 1.3000 and the recent high at 1.3013. Directly above here we have the 200 week ma at 1.3116, the 50% retracement of the move down from 2018 at 1.3167, the 5 year downtrend at 1.3185 and the 1.3187 May high and these remain our short term targets, this is TOUGH resistance and we look for the market to fail here. Above here lies 1.3382 the 2019 high. It remains immediately bid above the 1.2764/ 23.6% retracement. Failure at 1.2764 will see a slide to the 200 day ma at 1.2703. This guards 1.2582 (September high). Below 1.2582 lies the 1.2466 uptrend. The uptrend guards 1.2196/94”.