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GBP/USD looking for a base here

FXStreet (Barcelona) - GBP/USD is trading at 1.6057, down -0.12% on the day, having posted a daily high at 1.6129 and low at 1.6052.

GBP/USD remains with a negative outlook having failed on attempts on the 20 day ma previously last week but is currently building a base on the mid point of the handle here. Karen Jones, chief analyst at Commerzbank has explained that directly overhead lies the 3 month downtrend located at 1.6303. “While capped here it remains directly offered. We note that the market has rebounded off 1.60 and remains corrective very near term”. Karen Jones also noted however that the Elliott wave count on the daily chart is allowing for a move to 1.6305/1.6420. “Near term strength is viewed as corrective only however and below 1.5950 we will simply allow for another leg lower to take hold and look for losses to 1.5721 the 61.8% retracement of the move from 2013”.

GBP/USD noteworthy levels

Current price is 1.6058, with resistance ahead at 1.6074 (Daily Classic PP), 1.6077 (Weekly Low) and 1.6086 (Hourly 20 EMA). Next support to the downside can be found at 1.6052, 1.6012 (Daily Classic S1), 1.6009
and 1.5974 (YTD Low).

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