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    GBP/USD: meeting resistance at the R1 monthly pivot

    Cable has rallied up to an area of resistance from the R1 Monthly Pivot at 1.5711 and the 200-day MA at 1.5630 – and stalled.

    Despite this the mini-up-trend is still intact and expected to continue higher in the absence of any stronger reversal signs.

    A break above the day’s highs at 1.5746 would provide the confirmation that another leg higher was probably about to resume, and indicate the resistance zone had been breached.

    The next target higher would be at the resistance level at 1.5815.
    GBPUSD13

    Cable has rallied up to an area of resistance from the R1 Monthly Pivot at 1.5711 and the 200-day MA at 1.5630 – and stalled.

    Despite this the mini-up-trend is still intact and expected to continue higher in the absence of any stronger reversal signs.

    A break above the day’s highs at 1.5746 would provide the confirmation that another leg higher was probably about to resume, and indicate the resistance zone had been breached.

    The next target higher would be at the resistance level at 1.5815.
    GBPUSD13


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