Trader, analyst and instructor with a 6-year experience

GBP/USD holds above $1.6100

The GBP/USD currency pair keeps consolidating in a narrow $1.6060/6180 range this week. As can be seen from the daily chart, the pair is still supported by the daily bullish Ichimoku and the 55-day MA. It is interesting to note that the pair remained relatively resilient to the yesterday’s hawkish FOMC minutes.

Fundamental factors still speak in favor of a further GBP strength, but the $1.6260/6300 area could create a significant resistance. Given the H4 MACD divergence, we concede a dip lower, but generally remain bullish as long as the $1.6060 support holds. We wouldn’t sell the pair as long as it holds above the $1.5900 mark.

Pay attention to a bunch of important US data to come in the American session. 

Chart. Daily GBP/USD


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