GBP/USD: Bulls Retain Momentum, Channel Top in Play
Strategy: Pending Short
GBPUSD has taken out horizontal support-turned-resistance at 1.5127, with prices now poised to challenge the top of a downward sloping channel established from Sep-Nov 2009 (now at 1.5280). A break above this boundary exposes major resistance levels at 1.5529 and 1.5797. We maintain that the trend is broadly bearish and will look for the current upswing to yield an attractive selling opportunity down the road.
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