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GBP/USD could move below $1.58
Having hit fresh highs for the year yesterday, the question now is whether the pound can sustain its gains. Economic data this week has given the currency the strength to rally relentlessly, but aside from Inflation Report hearings next week, there is a dearth of data to support the currency at these levels. This rather threatens to pull the rug out from underneath cable, especially given the oversold reading on the daily chart.
Having cleared the May high of $1.58, the outlook does seem positive to some extent – but GBP/USD will need to sustain itself above here in the coming week. The US dollar has taken a breather following this week’s Federal Reserve meeting, but overall the risk still lies to the downside. A move back below $1.58 would raise the prospect of a move towards $1.56, particularly if US data comes in stronger than expected in the coming week.