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GBP/USD May pullback looks to be at an end
A 150-point move in cable since yesterday’s lows may well mark the end of the May pullback, with a bounce off the 50-day/100-day SMAs (simple moving average) and a push back towards the key resistance zone around $1.4550. A break above here would target the $1.4670 peak from the beginning of the month, and then on to the 200-day SMA at $1.4815.
It would likely pay not to chase such a big move, especially with CPI data on tap this morning, but overall it looks as if the stance here should shift towards short-term bullish. Only a move back below $1.44 and then through the Friday/Monday low would negate this thesis.