GBPUSD: The pair continues to hold and trade within its sideways trading range after bull pressure faded and saw it returning into that range on Tuesday. On further weakness, the pair should target the 1.6149 level and then the 1.5964/35 levels.
Below there will bring the pair out of its range and resume its weakness started from the 1.6397 level towards the 1.5819 level, its Jan 19’2011 low. Further down, support lies at the 1.5700 level.
On the other hand, GBP will have to break and close above the 1.6396 level to open up further strength towards the 1.6455 level followed by the 1.6720 level. Above the latter will turn risk towards its 1.7039 level, its 2009 high. All in all, GBP remains trapped within its range as it continues to look for a direction.
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