GBP/USD Classical 02.02
GBP/USD:The market has been very well bid since reversing sharply in the previous week, with the rally now totally negating any short-term bearish sentiment following the break back above 1.6060. From here, there is scope for a complete retracement of the Nov-Dec high-low move, with a potential retest and break of 1.6300 over the coming sessions. A break and close back below 1.6000 will now be required to officially relieve topside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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