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GBP/USD: technical update

GBP/USD is trading in the negative territory on Tuesday, capped by the $1.5380/85 resistance (61.8% Fibonacci from the June-July decline, bottom of the daily Ichimoku). The pair has been trading in an upward trend since July 9.

From a technical viewpoint, a decisive break above $1.5400 could open the way to $1.5530 (78.6% Fibonacci, 2012-2013 resistance line). This level is widely expected to cap the upside. Support lies at $1.5300 and $1.5280. 

Strategists at SEB look for a possible final move up to $1.5435 and then a downside turnaround.

Chart. Daily GBP/USD

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