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Forex: GBP/USD testing the 1.5100 level

FXstreet.com (Barcelona) - The GBP/USD has managed to avoid any major plunges today during European trading however in recent minutes the cross has waned to the 1.5100 level, where it is currently testing (1.5106/07). At this juncture the pair resides in negative territory Monday, incurring a loss of -0.09%

“The GBP/USD consolidated with the beginning of the week above a key resistance level of the downside move that might be considered a broadening wedge pattern and might test the 1.5190 level towards around 1.5225. However, great volatility is likely and perhaps bearish corrections due to the pair’s momentum as shown on the stochastic.” writes the ICN.com Technical Analyst Team.

ICN.com analysts point to supports at 1.5030, ahead of 1.4990, and finally 1.4950. On the ascension, resistive measures will be implemented at 1.5130, ahead of 1.5190, and finally 1.5225.

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