GBP/USD: heading towards 1.5600

by Admin

GBP/USD continues outperforming its pairs, quoting at fresh monthly highs around 1.5540. The upward momentum seen past week extended over the last two session, with not much behind by persistent buying interest. Technically overbought according to 4 hours chart’s readings, retracements should now find buyers aligned in the 1.5490 area: as long as above, the upside continues to be favored, with a break above today’s high pointing for a continuation towards 1.5600, 50% retracement of the latest daily fall.

Dips below 1.5490 may indicate a bearish corrective movement towards 1.5420/50 price zone, yet only a break below this area will jeopardize the bullish trend and see a deeper correction, not expected for today.

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