GBPUSD: Below 1.2982 would warn of a near-term top

GBPUSD remains capped as expected ahead of the key February
and March highs at 1.3200/15 and although our broader bias
stays higher as a result of the completion of a major top for the
USD itself, we continue to look for 1.3215 to cap for now for a
lengthier consolidation phase to emerge, with a potential small top
now threatening.

Support moves to 1.3042/35 initially, below
which can clear the way for a fall back to the recent low and 13-
day average at 1.2991/82, which we would look to try and hold for
now. A break though would complete a near-term top to warn of a
more concerted downturn with support then seen initially at
1.2949/45, then 1.2912/02.

Near-term resistance moves to 1.3110, with a break above
1.3154 needed to clear the way for a test of 1.3200/15.

Only above here though would confirm we are seeing a more important
and meaningful turn higher with resistance then seen next at
1.3284 and then more importantly at the 1.3514 high of 2019.
We look for further consolidation below 1.3200/15, but only
below 1.2982 would warn of a near-term top.