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Forex: GBP/USD resumes upside and hits fresh high

FXstreet.com (Córdoba) - Following a short-lived correction, Cable resumed the upside and recently rose back above the 1.5400 level to print a marginal new high as risk appetite regains traction.

GBP/USD pulled back to the 1.5365 area but found buyers and quickly bounced to hit a fresh nearly 2-month high of 1.5410. At time of writing, GBP/USD is trading just below recent highs where it posts a 0.5% advance on the day.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that the pair holds the bullish tone with next resistances at 1.5410, 1.5445 and 1.5490, while she sees supports at 1.5360, 1.5320 and 1.5285.

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According to Strategist Jonathan Cavenagh at Westpac, “On the SGD leg, we remain downbeat on the outlook for the currency. Growth momentum remains quite weak and inflation pressures have rolled over in the past 12 months. While no change is expected at tomorrow's MAS policy announcement, particularly given the continued QE policies from the major central banks around the world, we wouldn't rule out a slight easing in the pace of SGD NEER appreciation.”
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