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GBP/USD meets with resistance

Technical: This week the GBP/USD moved up and approached the top of a downward-sloped channel ($1.6230). Cable has returned back below the $1.6200 mark on Friday, after hitting a 4-week high at $1.6215. There is still a high chance for the pair to top in the $1.6200/60 region: there is a 4-year downtrend ahead. However, the bearish reversal needs to be confirmed by a decline below $1.5900. 

Fundamental: The upbeat tone from the UK economy remains supportive for GBP, but the BoE member Dale has cooled the demand today by saying the UK economy is not ready for higher rates yet. 

Chart. Daily GBP/USD



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