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GBP/USD in familiar ranges; a 1.5740 close is key – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, chief analyst at FXStreet noted that the GBP/USD pair broke above the daily descendant trend line coming from 1.6182.

Key Quotes:

“The pair has been quite reluctant to advance above the 1.5700 figure despite the UK Goods Balance showed its lowest deficit in seven months”.

“Closing higher on the day anyway, the 1 hour chart shows the price is developing above a bullish 20 SMA that provides short term support around 1.5680, while indicators are turning lower above their midlines, lacking clear directional strength”.

“In the 4 hours chart indicators are also turning south above their midlines, while 20 SMA stands around 1.5640”.

“Selling interest has been even stronger on approaches to the 1.5740 level, so it will take some steady advance above it, to see the pair gaining upward momentum, and extending then up to 1.5825, November 27th daily high and the line in the sand for the ruling bearish tone”.

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