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FxWirePro: GBP/USD remains bullish as rally continues

  • The Sterling surged higher against the greenback on Tuesday, extending above 1.4600 levels its highest level in more than 4 days, before retreating back towards 1.4592 levels in the early US session.
     
  • The GBP got a boost from growing support for those campaigning to stay in European Union and Bank of England chief made no further comments about the risk of Brexit vote next month.
     
  • Further decline is expected to be limited as the support level at 1.4546 levels is set to hold the bears from falling further below, and bring a rebound towards higher levels, therefore it’s good to buy on dips.
     
  • To the upside, the strong resistance can be seen at 1.4656, a break above this level would expose to cable to next resistance level at 1.4700.
     
  • To the downside major support can be seen at 1.4588, a break below will open the door towards next level at 1.4546.

    Resistance Levels

    R1: 1.4621 (50% Retracement Level)

    R2: 1.4656 (61.8% Retracement Level)

    R3: 1.4700 (Psychological levels)

    Support Levels

    S1: 1.4588 (38.2% Retracement Levels)

    S2: 1.4546 (23.6% Retracement Levels)

    S3: 1.4481 (Daily lows)
  • Market Data
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