Strategy: Flat
GBPUSD is testing resistance at 1.6124, the 61.8% Fibonacci retracement level. The barrier is reinforced by the top of a minor rising channel. A pullback from here sees initial support at 1.5972, the 50% Fib. We see no actionable trade setup here at present and will remain on the sidelines.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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