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GBP/USD recovers sharply from low of 1.3485, market eyes BOE’s super Thursday

  • GBP/USD has formed almost a double bottom at 1.3480 and shown a good recovery of almost 100 pips.
     
  • Market eyes BOE’s super Thursday for further direction. Any hawkish tone by BOE will drag the Pound sterling further down.
      
  • On the higher side, 1.3600 will be acting major resistance and any convincing break above will take the pair slightly till 1.3630 (200- H MA)/1.3676 (10- day MA). Major trend reversal only above 1.4000.
     
  • The near term support is around 1.3480 and any break below will drag the pair till 1.3450/1.3400.

It is good to buy on dips around 1.35650-70 with SL around 1.3500 for the TP of 1.36950/1.3750.

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