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GBP/USD – Stuck at trend line resistance

FX:GBPUSD   Pound Sterling/U.S. Dollar
Resistance – 1.4710, 1.4770, 1.4806

Support – 1.4686, 1.4662, 1.4636

  • Pair is trading above its daily 200-day moving average for the first time since November 2015.
  • Failure to take out 1.4710 (black trend line resistance on daily) on hourly timeframe followed by a break below 200-MA on daily at 1.4686 would open doors for a re-test of 1.4636 (38.2% of Fibo retracement of July 2015 high-Feb 2016 low).
  • On the higher side, resistance at 1.4770 could be put to test if resistance at 1.4710 is breached on hourly closing basis.
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