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Sterling traders get prepared - FXStreet

FXStreet (Guatemala) - The GBP/USD posted a daily high of 1.5917 early Europe, having been rejected from the 1.5920 price zone several times intraday, finally capitulating to its daily lows around current levels.

Key Quotes:

“With no data in the UK until Wednesday when monthly employment figures will be released, the pair will likely continue trading within last week range, albeit weighted by dollar bullish trend”.

“The reading will come as usual after BOE monthly economic meeting, which means data won’t affect upcoming Minutes next week”.

“Nevertheless, a weak reading there will likely help investors made up their minds towards the greenback. Anyway and in the short term, the pair is biased lower according to the 1 hour chart, as indicators head south below their midlines and 20 SMA capped the upside for most of the last session, now around 1.5890”.

“In the 4 hours chart technical readings present a bearish tone having turned lower below their midlines after a limited upward correction”.

“Break through 1.5820 should lead to a test of the strong static long term support at 1.5770, level that will probably hold again if reached before any big news”.

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