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Forex: GBP/USD tests 1.5290

FXstreet.com (San Francisco) - The Sterling is extending its recovery from 1.5200 against the Greenback with the GBP/USD testing the 1.5290 level, intra-day high. Currently the Cable is trading at 1.5280, 0.32% above opening price action.

The GBP/USD is trading slightly bullish according to the FXstreet.com's trend index. Indicators such as MACD, CCI and Momentum are bullish while the Stochastic is bearish in the 15-minutes time frame.

From a technical view, Fan Yang, analyst at FXTimes notes that GBP/USD has held above a rising channel support (today at 1.5200).

"If the channel support holds, or if after a brief break the market pulls back above 1.53, the GBP/USD would likely be in a bullish continuation, especially if the RSI also comes back above 60 after a failed attempt below 40", says the analyst. "This will open up the 1.54 handle up to the 1.5422 level (38.2% retracement of the 2013 downswing from 1.6379 to 1.4830)".

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