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- Sterling boosted from BoE's Forbes hawkish comments suggesting that a rate hike is needed well before inflation reaches the 2% target
- GBP/USD hits day's high at 1.5688 into European open before edging lower, weakness seen in the near-term, Stochs point lower
- Pair is closing in on 1.5701 (the 61.8% fibo of 1.5930 - 1.5330 fall), currently trading at 1.5648, with next immediate hurdle at 1.5691 (Daily High Jul 29)
- Support on the downside is seen at 1.5642 (Hourly Low Aug 17) below which the pair could extend falls to 1.5589 (Daily Low Aug 14)
- With no major data due for release, the spot could focus on the US rate hike expectations
Recommendation: Good to go short around 1.5645, SL: 1.5680, TP: 1.5590
Resistance Levels:
R1: 1.5691 (Daily High Jul 29)
R2: 1.5701 (61.8% of 1.5930 - 1.5330)
R3: 1.5707 (30 DMA Upper Bolli)
Support Levels:
S1: 1.5642 (Hourly Low Aug 17)
S2: 1.5589 (Daily Low Aug 14)
S3: 1.5588 (10 DMA)
