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GBP/USD runs into resistance
Cable’s remarkable rally has run right into the previous support line from mid-2015, which is now acting as resistance. The failure to push on beyond $1.46 suggests a topping pattern is in place and that we can now expect more downside here.
Support comes in around $1.4450 and then $1.4377. It would take a move above $1.46 to reignite the rally, which would then push towards the 50-day SMA at $1.47.