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GBP/USD trading close to 1.6000 area - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik comments that GBP/USD has been trading near the 1.6000 region in recent days.

Key quotes

"The 1 hour chart shows price above its 20 SMA and indicators in positive territory, albeit none shows actual directional strength at the time being as the pair trades in a tight range."

"In the 4 hours chart indicators present a stronger upward momentum, albeit price seems unable to break above a still bearish 20 SMA."

"Critical resistance stands at 1.6030 price zone, the 50% retracement of the pair’s latest bullish run."

"Sellers had surged twice on approaches to the level, so it will take some steady advance above it to confirm further intraday advances towards 1.6060 price zone."

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