The GBP/USD retraces quickly from a daily high set at 1.6041, as stocks turn back negative triggering on dollar buying. The strong bullish momentum seen in the pair holds in the 4 hours chart, yet a break below 1.5990 along with fresh daily lows in US stocks, may favor a greenback recovery towards the 1.5950/60 area. Consolidation above 1.6000 will on contrary suggest the pair has scope for more rises; still only above 1.6061 yearly high, the run can extend towards the 1.6100/30 area.


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