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Break Of Jan High Could Be Early Indication Of Bigger Move To 1.40

GBPUSD

Cable has pushed through the January high and hit a post-Jun 22 best of 1.2481 in the past half hour, last trading 1.2466. If you haven't seen our Markets Analysis piece from last Friday on the potential for GBPUSD consolidation to resolve to the upside, a link is here.

  • As we noted last week, number of positive technical factors could be emerging for sterling, and a bottoming out of negative newsflow could result in a positive conclusion to the ongoing consolidation phase.
  • Levels-wise: "If resistance at 1.2448, the Jan 23 high, is breached, this could be an early indication that we may see prices climb towards the 1.4000 handle over the medium / longer-term period."

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