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GBP/USD Analysis: Unchanged From Tuesday

Despite some minor fluctuations, the Pound has maintained the same price level for the second day. No advances either direction were made due to strong barriers on each side.

Today, the Sterling could continue trading between the 55– and 200-hour SMAs slightly below the 1.40 mark. The northern side is also restricted by the weekly and monthly PPs, while the southern area—by the 38.20% Fibo retracement. Thus, it is likely that the pair continues trading sideways for several hours, thus approaching the bottom line of a two-week ascending channel circa 1.3950 prior to forming a breakout.

Technical indicators are in favour of a bullish surge towards the senior channel. The pair’s movement later in the evening should be guided by trader response to FOMC meeting minutes released at 1900GMT.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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