Axel Rudolph, analyst at Commerzbank, explains that GBP/USD probes the October 21 and 31 highs at 1.3013/1.2976 which are to offer support.

Key Quotes

“Further support can be seen along the 55 day moving average at 1.2896. Minor resistance comes in around the May high at 1.3187 as well as at the January high at 1.3217 and more significant resistance at the 1.3351/82 February and March highs.”

“Above the current December 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 remain in focus for the months to come.”

“Failure at the 1.3013/1.2976 support area would put the 200 day moving average at 1.2695 back on the plate.”

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