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GBP/USD: strong short-term up-trend set to punch higher

   
Cable rose strongly after the release of better-than-expected U.K wage and employment data on Wednesday, which improved the outlook for the economy and increased chances of a swift normalisation of monetary policy.

It pierced above the R1 Monthly Pivot at 1.5706 – a formidable resistance level – and pushed higher. I now foresee this up-trend just continuing higher, up to a target at 1.5813, which is the level of the May highs.

GBPUSDH17

   
Cable rose strongly after the release of better-than-expected U.K wage and employment data on Wednesday, which improved the outlook for the economy and increased chances of a swift normalisation of monetary policy.

It pierced above the R1 Monthly Pivot at 1.5706 – a formidable resistance level – and pushed higher. I now foresee this up-trend just continuing higher, up to a target at 1.5813, which is the level of the May highs.

GBPUSDH17



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