GBP/USD retreated toward the 1.6110 zone, where the 100-hour SMA contained the slide, and as most crosses today, it is currently trading virtually unchanged since opening at the 1.6115 area.
From a technical view, Mohammed Isah, analyst at FXTechstrategy expects further upside offensive as GBP looks to retarget the 1.6168/72 levels. "A breach of here will turn attention to the 1.6215 level with a cut through here ending its broader bearish threats and opening up further offensive towards the 1.6350 level", he commented. "On the downside, support lies at the 1.6055 level where a break will turn focus on the 1.5900 level followed by the 1.5827 level".
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