GBPUSD breaks resistance as it continues its recovery

29 June 2016, 14:15
Sherif Hasan

Small steps for the pound but the buyers are gaining traction

1.3420 was resistance yesterday and today and was S&R on Monday too.

GBPUSD 15m chart

We've hit minor resistance up around 1.3450 and there's more waiting at 1.3470/75. 1.3500 is the next big fish if we want to see the gap closed and 1.3550 is where support was found before breaking 1.3500 the second time. If we see 1.3500 hold then the battle is on between the recent buyers and those who have hammered the price down here.

It's still advisable to be cautious about any moves and there's no reason to be trying to guess anything. Let the prices guide you.

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