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    GBP/USD: threatening to breakout higher

       
    Cable moved up to the top of its consolidation range on Wednesday after the BOE minutes struck a doveish tone.

    The weekly chart is also showing a bullish engulfing candlestick last week which, if this week ends with a bullish candle would gain confirmation and indicate a probable move higher.

    However, until I see a move above the key spike highs at 1.5166, there is still a good chance of a recapitulation lower. A move above 1.5166, would probably scatter bears, providing the closest thing to cast-iron confirmation of a breakout higher, with an upside target at the monthly R1 pivot at 1.5290.
    GBPUSD23

       
    Cable moved up to the top of its consolidation range on Wednesday after the BOE minutes struck a doveish tone.

    The weekly chart is also showing a bullish engulfing candlestick last week which, if this week ends with a bullish candle would gain confirmation and indicate a probable move higher.

    However, until I see a move above the key spike highs at 1.5166, there is still a good chance of a recapitulation lower. A move above 1.5166, would probably scatter bears, providing the closest thing to cast-iron confirmation of a breakout higher, with an upside target at the monthly R1 pivot at 1.5290.
    GBPUSD23


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