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FxWirePro: GBP/USD consolidating around 1.4571,bias is neutral

  • GBP/USD rose towards higher levels on Tuesday as sterling extended its gains against weaker dollar after a pair of polls gave a narrow lead to the "Remain" camp ahead of the June 23 referendum on Britain's European Union membership.
     
  • The pair rose in quick succession towards higher levels after the two polls overnight have lent support to the pound early in today’s European session.
     
  • Currently the cable is trading around 1.4571 levels, it is set to advance further towards 1.4600 later towards 1.4650 levels in the short term.
     
  • To the upside, the strong resistance can be seen at 1.4661, a break above this level would expose to cable to next resistance level at 1.4700.
     
  • To the downside immediate support can be seen at 1.4538, a break below will open the door towards next level at 1.4493.

    Resistance Levels

    R1: 1.4584 (38.2% Retracement Level)

    R2: 1.4636 (23.6% Retracement Level)

    R3: 1.4661 (Daily high)

    Support Levels

    S1: 1.4538 (50% Retracement Level)

    S2: 1.4493 (61.8% Retracement Level)

    S3: 1.4400 (Psychological levels)

 

 

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