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GBP / USD – Technical Analysis – Heading Up?

The last few months have seen the AUD/USD rise strongly before a recent slide and the EUR/USD struggle before a recent break above 1.24.  During this time the GBP/USD has been relatively stable establishing and trading within a range between 1.55 and 1.57.  Within the last couple of weeks, the Cable has been able to finally break through and stay above the medium term resistance level at 1.57.  It ran into a brick wall at 1.59 and has recovered well during the last couple of days.

Having recently broken through the medium term resistance level at 1.57, the GBP/USD has done well to maintain its price comfortably above this level.  This level is now likely to become a support level although over the short term, the 1.5750 to 1.58 area appears to be holding it up well as it presently hovers a touch above 1.58. (Daily chart below)

EURUSD Technical Analysis Candlestick 4 Hour Chart.


Aug 30 at 04:45 GMT
1.5830/31   H: 1.5855     L: 1.5803
S3 S2 S1 R1 R2 R3
1.5800 1.5700 1.5500 1.5900 1.6000


GBP/USD Technical


Further levels in both directions:


August 30

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