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    GBP/USD: finding support on major MA but much resistance above

       
    Cable is currently finding support at the 50-week MA at 1.5593. This will probably hold and result in a move higher, with a resumption of the dominant mini-up-trend.

    A break clearly above the highs and above the trend-line at around 1.57 – so above 1.5710 – would confirm clearance above most of the major resistance levels standing above the exchange rate’s current level, and signal a probable continuation up to a target at 1.5785.
    GBPUSD16final

       
    Cable is currently finding support at the 50-week MA at 1.5593. This will probably hold and result in a move higher, with a resumption of the dominant mini-up-trend.

    A break clearly above the highs and above the trend-line at around 1.57 – so above 1.5710 – would confirm clearance above most of the major resistance levels standing above the exchange rate’s current level, and signal a probable continuation up to a target at 1.5785.
    GBPUSD16final


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