GBP/USD Larger Recovery Still Favored
I've been away since Thursday but it's nice to see recent GBPUSD action confirming a larger bullish bias. The move above minor resistance has led to an expected setback, which may be complete at 1.5134. I'm looking to add to the long position either above 1.5206 or near 1.5100. Targets are 1.5420 and 1.5600.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.