GBP/USD is moving
sideways near the high of its wide horizontal range defined by the support at
1.5886 and the resistance at 1.6260. The short term structure favors a positive
bias as long as the hourly support at 1.6116 holds. Another support stands at
1.6060.
Thus far, GBP/USD
does not confirm the fresh highs made by EUR/USD.
In the longer term,
prices are close to the strong resistance area between 1.6302 (30 April 2012
high) and 1.6381 (see also the long term declining trendlines). 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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