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GBP/USD support at 1.5600 will pause the selloff – RBS

FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS sees the support near 1.5600 level pushing the GBP/USD pair towards consolidation as a pause in the downtrend is highly anticipated.

Key Quotes

“The pair found support at the 1.5606 retracement level (50% of Jan – Mar 2013 impulse wave), as MACD remained bearish but showed signs of convergence.”

“There is an increasingly likely period of consolidation of marginal upside expected, as the price stays above the key support levels and oscillators suggest a pause in the downtrend is looming.”

“Therefore, with the caveat of a break below 1.5600 (opening 1.5424), I would expect the price to consolidate within 1.5600 – 1.6000 area with further big move depending on the test of 1.5600 support and oscillators developments.”

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