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GBP/USD eyes $1.59
Despite the Bank of England dropping increasingly large hints about a rate hike in coming months, the pound has found it difficult to push beyond $1.5650 in recent sessions. While stochastics are still bullish on the daily chart, GBP/USD still needs to push through the highs we saw last week to confirm that bullish momentum is still in evidence. If we can clear those recent highs then the mid-June target around $1.59 comes back into play, while a turn lower as momentum fades would push the pair in the direction of $1.5460, and then on to $1.52.