Axel Rudolph, analyst at Commerzbank, notes that GBP/USD trades back around the March peak at 1.3382, having briefly reached 1.3515 post the UK election result last week.

“Above the high at 1.3515 sits the December 2017 high at 1.3550 and still further up the September 2017 peak at 1.3658 as well as the February 2018 low at 1.3712, all of which are now in focus for the weeks to come. Support is to be found between the 1.3270 late March high and the 1.3217 January peak. There is also support to be seen at the 1.3187 May peak. A daily chart close below the 1.3050 December 12 low would put the 200 day moving average at 1.2699 back on the plate.”