GBP/USD – 1.5805 offers support for fresh near-term highs

Full report available here:

• GBP/USD is showing early signs of basing ahead of support at 1.5805 as the pullback from just shy of the 1.5993 February swing high stalls.

• This opens up a window of opportunity for the bulls exposing 1.5955/1.5993, above which would suggest that a solid base has formed for the next leg of the 1.5235 advance through 1.6063 for 1.6167 (31stOct high) then minor resistance at 1.6455.

• Failure to capitalise on the upside potential over the next few sessions and/or loss of 1.5805 would risk an extension of the pullback towards the 1.5603 reaction low posted on 12th March initially as the 1.5235 advance sees a deeper retracement.

Please note: No information published constitutes a solicitation or offer, or recommendation, or advice, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act of any kind whatsoever.
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