GBP/USD Classical 03.23
GBP/USD:The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As such, we would warn that the latest rally above the figure should be met with reservation, as the market could once again stall out. In the interim, key short-term support comes in by 1.6290, and a break and close back below this level will be required to relieve immediate topside pressures. However, should we establish a daily close below 1.6290, we would expect to see a downside acceleration towards 1.6000.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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