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Forex: GBP/USD ends six day winning streak, fails again at 1.5600 resistance

FXstreet.com (Barcelona) - The GBP/USD finally ended its six day winning streak, closing down 22 pips at 1.5533. At one point, the pair traded as high as 1.5590, but was unable to take out the critical 1.5600 resistance level. Construction PMI came in better then estimates at 49.40 vs. 48.00 forecast, but the pair was unable to sustain early gains. Furthermore, Market participants will keep an eye on the US Non Farm Payrolls data due out at 12:30 GMT.

From a technical perspective, the pair was again unable to take out resistance near the upper channel located 1.5600. Short term moving averages remain bullish, with price above both the upward sloping 9 and 20 dma’s. Initial support comes in at 1.5496 (previous day low), followed by 1.5448 (the 9dma). Initial resistance sits at 1.5600 (channel resistance), followed by 1.5650 (previous support, now resistance on daily chart).

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