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GBP/USD heads towards trendline
A swift breakout and pullback from the trading range we saw last week saw cable push rapidly lower, but salvation for buyers may be appearing in the form of the rising October trendline. Support may well be found in the area around $1.53, at which point we may see whether the pair can push back on to the $1.5385 area. Admittedly the sterling bears will be going into the week in an enthusiastic frame of mind given Mark Carney’s comments about rate rises in the UK being now just a ‘possibility’.
A drop through the October hourly trendline would suggest that GBP/USD is heading back towards $1.52, the low of 13 October, with further support available around $1.5150 and then $1.5105.