GBPUSD: Channel Top Break Exposes 1.5769
GBPUSD broke above the top of a falling channel set from the late June swing top to expose the next upside barrier at 1.5769. The channel top – now at 1.5637 – has been recast as near-term support. Positioning doesn’t offer an attractive entry point here from a risk/reward perspective and we will remain on the sidelines for now.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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