Forex Analysis: GBP/USD Mounts Rebound from 1.60

DailyFX

Strategy: Flat

Prices are testing horizontal pivot resistance at 1.6177. A break above that aims for a channel top at 1.6226, followed by the 1.63 figure. Major support is at a trend line set from the June 1 bottom (now at 1.6004), with a drop below that targeting swing lows at 1.5913 and 1.5822. Positioning doesn’t offer an actionable trade setup at the moment and we will remain on the sidelines.

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Forex_Analysis_GBPUSD_Mounts_Rebound_from_1.60_body_Picture_1.png, Forex Analysis: GBP/USD Mounts Rebound from 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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