Forex Analysis : GBP/USD

Closing right on the key resistance given last week -1.6270, Sterling may well retest 1.6200 on Monday

Trade View
• There is quite a significant near term band of resistance from 1.6300 to 1.6330 or so, and we think it might have to wait for a correction to play our before being retested.
• We suspect Sterling will dip to 1.6250 or so quickly, and given it does so, the price action from here to 1.6200 will be of much interest, because a snap rebound will signal GBP will likely advance to at least 1.6600 if not nearer 1.7000 over the course of late Q1.

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