GBPUSD Daily Forecast Feb 03 2017

GBPUSD Pulls Back With Caution!

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GBPUSD Pulls Back With Caution!

Outlook in GBPUSD has turned neutral at the moment, resistance comes at the 1.2705 levels while support comes at the 1.2517 levels…

On the upside, a failure to hold below the 1.2517 levels on a daily closing basis could mean a return to the 1.2705 levels, a break would open 1.2773 next, further upside, resistance comes at the 1.2945 levels…

On the downside, below 1.2517 sees a corrective pullback to the 1.2410 levels before the next rising, however; below 1.2410 (unlikely) will extend the pullback to the 1.2250 levels before the next rising…

Conclusion: The GBPUSD continues to face pullback threats below the 1.2705 levels, but the pullback below 1.2705 should be contained well above the 1.2410 levels where rebound is very likely…

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