suggest small longs at 1.6050: "Dropping towards Fibonacci support and an increasingly large, upward-sloping Ichimoku ‘cloud’. Let’s see how Cable reacts here and ahead of June’s low at 1.5800. Possibly attempt small longs at 1.6050; stop below 1.6000. First target 1.6400, then 1.6600."

The FXstreet.com Currency at Glance Trend Index is currently pointing Strongly Bearish with the OB/OS Index showing Neutral in 15-minute timeframe.


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GBP/USD's recovery capped at 1.6140, back to 1.6070

FXstreet.com (Barcelona) - After posting 1.6048 as 4-week low and recovering slightly to trade above 1.6100, GBP/USD has been rejected by the 1.6140 level, capping its recovery and falling around 80 pips to levels close to 1.6060. Currently the pair is trading around 1.6070/80.

Nicole Elliott, analyst at Mizuho Corporate Bank, suggest small longs at 1.6050: "Dropping towards Fibonacci support and an increasingly large, upward-sloping Ichimoku ‘cloud’. Let’s see how Cable reacts here and ahead of June’s low at 1.5800. Possibly attempt small longs at 1.6050; stop below 1.6000. First target 1.6400, then 1.6600."

The FXstreet.com Currency at Glance Trend Index is currently pointing Strongly Bearish with the OB/OS Index showing Neutral in 15-minute timeframe.


For more information, read our latest forex news.

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