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GBP/USD bouncing from a fresh year low – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet notes GBP/USD bouncing higher after posting a lower low at 1.5582 ahead of the BOE minutes.

Key Quotes

“Technically however, the 4 hours chart shows price stalled around its 20 SMA that maintains a strong bearish slope, whilst indicators aim higher but still below their midlines, suggesting current recovery may remain as corrective: recent highs around 1.5678 stand in the way for further intraday gains, as price needs to establish above this last to be able to continue advancing, eyeing in the short term 1.5720/40 price zone.”

“Failure at current levels on the other hand, may see the pair slowly regaining the downside, with a break below 1.5620 supporting another round of selling towards 1.5550/80 price zone.”

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