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GBP/USD advances worrisome for the bears - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that GBP/USD posted its second day in a row of gains.

Key Quotes:

“…stalling however around critical resistance, the 1.5740 price zone: the level stands as the neckline of a double floor established around 1.5585”.

“From the data front, UK Retail Sales resulted well above expected, helping the local currency recover ground against an unattractive greenback”.

“Technically, the 1 hour chart shows price above its 20 SMA and indicators aiming higher after bouncing from their midlines, keeping the short term upward tone alive”.

“In the 4 hours chart however, the picture is much less attractive: 20 SMA stands flat providing intraday short term support around 1.5655, whilst indicators barely aim higher above their midlines, neutral for the most”.

“Some follow through above afore mentioned resistance of 1.5740 should see a quick advance towards 1.5770 a strong long term resistance area. If above this last, sellers will likely retreat, at least temporally, letting the pair run above the 1.5800 figure”.

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