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    GBP/USD: strong up-trend pulling-back from sturdy resistance

       
    Cable has broken out of the consolidation pattern it formed at the March lows and has moved up through successive layers of resistance.

    The latest is made up of a cluster of a long-term support and resistance and the R2 monthly pivot. This has successfully repulsed price at 1.5407, although the FOMC later today could produce enough volatility to smash through on a second attempt.

    Overall, the v.short-term trend is expected to continue, and if the pair breaks above the R2 monthly pivot including a 20-point margin – so above 1.5427 – it will probably continue higher, probably to the 1.5500 round-number psychological level, at last initially.
    GBPUSD29

       
    Cable has broken out of the consolidation pattern it formed at the March lows and has moved up through successive layers of resistance.

    The latest is made up of a cluster of a long-term support and resistance and the R2 monthly pivot. This has successfully repulsed price at 1.5407, although the FOMC later today could produce enough volatility to smash through on a second attempt.

    Overall, the v.short-term trend is expected to continue, and if the pair breaks above the R2 monthly pivot including a 20-point margin – so above 1.5427 – it will probably continue higher, probably to the 1.5500 round-number psychological level, at last initially.
    GBPUSD29


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