Cable testing previous highs

13/01/2021

The Pound has been rallying recently, and the GBPUSD pair remains in a nice uptrend. On Wednesday, it was up 0.15%, trading at around 1.3670 ahead of the US session.

The next resistance is at the current cycle highs of 1.37. Judging from the recent bullish momentum, this level might be broken today, and sterling might continue further higher.

From the medium-term perspective, the next target should be at 1.40, while short-term traders might favor taking some profits in the 1.38 area.

Alternatively, the support could be at 1.36, afterward at around this week's lows of 1.3450, and the major level to watch is currently near 1.3380, where the medium-term uptrend line is located. 

The greenback continues to be under pressure, and any rallies are expected to be met with selling. Thus, the medium-term trend remains bullish. 
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