The GBP was one of the strongest
currencies during last weeks. The pair reached 1.63 but failed to continue the
up move and eventually started a technical correction. The pair dipped yesterday
to a medium term support level around 1.6060. The support is from 02/04 daily
high combined with 50% Fibonacci retracement to the up move starting from
1.5818 to 1.6300. On intraday charts we are seeing a clear channel. A break of
the channel, confirmed by technical indicators, could define if the correction
is over or open the door to a deeper down move to the strong support level
around 1.60.
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