GBPUSD: Bears to Challenge 1.60 Again
As we suggested last week, GBPUSD rallied after putting in a Bullish Engulfing candlestick pattern above familiar support at the 1.60 figure. The advance found resistance at a rising trend line connecting major highs since early February, with prices reversing sharply lower and now on pace to test the 1.60 juncture to the downside over the coming days. Current positioning doesn’t offer an actionable entry opportunity from a risk/reward perspective at present and we will monitor how the pair behaves at 1.60 to see if a more attractive setup presents itself.
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