GBP/USD Classical 03.07
GBP/USD:After failing to establish above 1.6300 over the past several weeks, the market finally managed to break and close above the level to suggest that a fresh upside extension towards 1.6500 could be underway. However, failure to hold above the figure once again leaves us doubting the latest move, and a break and close back below 1.6215 would confirm our suspicions and open the door for a key bearish reversal. For now we remain sidelined until a clearer opportunity presents.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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