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GBP/USD pressing against 1.6440 resistance - 2ndSkies

FXStreet (Bali) - If GBP/USD managed to break clearly above 1.6440, Chris Capre, Founder at 2ndSkies, notes that next key upside resistance levels beyond are 1.6500 and 1.6540.

Key Quotes

"As we mentioned in our members commentary yesterday, we suspected the GBP was more likely to rally as the price action was building up to that prior to the election."

"The main reasoning behind this was the stats on Betfair, showing 84% of the bets were for a 'No' vote on Scottish independence, thus reflecting the likely participation of the 'smart' money on the No side."

"Our main resistance levels mentioned were 1.6340 and 1.6440, and both those levels were tagged today as the pair pushed consistently higher. You can clearly see in the 1hr chart how the market reacted to both levels, treating the former as an intra-day role reversal level."

"For now while the votes are being collected, traders will want to watch the 1.6440 key resistance as the cable is leaning towards forming a break above here. Upside resistance levels beyond this are 1.6500 and 1.6540."

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