GBPUSD targets 1.6495 ,Support 1.6342 !

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The GBPUSD  recovered its losses yesterday , printed support at 1.6342 levels, this development leaves the pair targeting the 1.6440 levels where a breach is very likely , If seen it will target 1.6495 first  ( June 2011 high ) strong resistance could be seen , and we might see reversal to the downside, but sustained trading above 1.6495 would target 1.6617 next ( Aug 2011 high) , above 1.6617 would target 1.6745 (Apr high 2011).

On the downside , support comes at 1.6342 levels,If 1.6440 holds and 1.6342 fails , If seen , this scenario will have large bearish implication towards 1.6132/1.6071 levels.

Overall, the GBPUSD will remain biased to the upside with risk towards 1.6495 levels as long as 1.6342 holds on a daily basis, losing 1.6342 would reverse risks to the downside towards 1.6071/1.6132 levels.

Support and resistance ” 1.5853 , 1.6071 , 1.6132 ,1.6260,  1.6342 , 1.6440 , 1.6495 , 1.6617 , 1.6745

 

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