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GBP/USD flew above 1.6000, but it was forced to land

FXStreet (New York) - The Sterling bounced off intraday lows around 1.5950 against the US dollar and after rising 90 pips GBP/USD broke above 1.6000 and reached daily high at 1.6040. However the pair failed to maintain levels and currently is trading back to 1.6200.

Currently, GBP/USD is trading at 1.6001, down -0.04% on the day, having posted a daily high at 1.6040 and low at 1.5951. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.

GBP/USD sentiment

The movement seems corrective since the gain was not strong enough, especially after breaking the 1.6030, 50% retracement of the last bull rally. However, if the pair consolidates gains above 1.6000, next resistances are at 1.6040, 1.6070 and 1.6100.

To the downside, check the crossing down of the 50-hour MA level below the 200-hour MA around 1.6070 with CCI heading south. So, with a successful break below 1.6000, the GBP/USD will find supports at 1.5965, 1.5950 and 1.5900.

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