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Analysts: GBP/USD capped?

Analysts at Commerzbank expect GBP/USD to reverse from the $1.6255/1.6335 resistance area (2013 highs, 2009-2013 resistance).

“Failure below $1.6015 (a 3-month uptrend) will trigger losses to $1.5895/1.5915 (last week’s low) and initial Fibonacci support. Failure there will target $1.5705 (38.2% Fibonacci retracement of the July-to-October advance) and possibly $1.5535 (50% retracement)”, they add.

OCBC strategists also expect the cable to be capped by the $1.6260 resistance. However, they retain a more neutral stance: $1.6000 may provide an initial support. 

Chart. Weekly GBP/USD

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