GBP/USD has
bounced near the support area which is implied by the rising trend line. Hourly
resistances are given by the declining trend line which is around 1.6051 and
1.6124 (08/10/2013 high). Another support lies at 1.5886.
In the
longer term, prices are close to the strong resistance area between 1.6302 (30/04/2012
high) and 1.6381. Given the increasing overbought conditions, we would be
medium term cautious on GBP/USD, as it has already priced in a lot of positive
news.
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