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Volume Surge Coincides With Break of Resistance

GBP
  • GBP/USD prints a new daily high post-London close, with the greenback fading further into the second half of US trade. Outside of the weekly IJC data, best volumes of the day cross in GBP futures on the last move - with around $120mln cash equivalent traded to push prices to new highs of 1.2558.
  • This also marks a break of key resistance at 1.2545, progress and a close through here could begin to signal a bottoming out of prices, with 1.2592 next up, the 76.4% retracement of the May 10 - 25 bear cycle.

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