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Forex: GBP/USD upside capped around 1.5380

FXstreet.com (Barcelona) - The sterling is gyrating around 1.5370/75 on Monday, gathering pace after a couple of unsuccessful attempts to break above 1.5380.

According to the last CFTC COT report, Strategists G.Moore and S.Osborne at TD Securities commented “The GBP net short was extended to 63.1k contracts from 58.6k, as the GBP’s two-month rally stalled and the market positioned ahead of the BoE”.

At the moment, the pair is up 0.10% at 1.5371 with the next hurdle at 1.5407 (MA21d) ahead of 1.5447 (low May 70 and finally 1.5471 (low May 8).
On the flip side, a breakdown of 1.5315 (low May 10) would then target 1.5311 (38.2% of 1.4832-1.5607) en route to 1.5265 (low Apr.25).

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