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GBP/USD looks to push on beyond $1.56
The steady rally in GBP/USD, fuelled by Mark Carney’s comments earlier in the week, continues. Although the dollar received something of a lift yesterday thanks to Janet Yellen, Mark Carney’s apparent conversion to the cause of higher rates is still providing the bullish catalyst for further gains. Cable is spending its third consecutive session testing the rising trendline off the April lows, with a break through here targeting the $1.59 level on the daily chart.
Daily stochastics remain firmly bullish, and on the hourly chart a bounce off the 50-hour simple moving average ($1.5614) has provided bulls with fresh upward momentum.