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GBP/USD retraces higher

GBP/USD is trading higher on Tuesday, retracing 23.6% Fibo from the Monday’s low of $1.5340. As of writing, the pair is trading around $1.5450.

In our view, bullish correction could extend, but we expect the $1.5490/5500 resistance to cap the rebound. Key support is now seen at $1.5380/70 (50% Fibo from the May-June rally, 55-day MA).

Analysts at Commerzbank agree: a break below $1.5380 would open the way for a decline to $1.5070. 

Chart. H4 GBP/USD

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