Nick Nasad
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GBP/USD - Will 1.60 Act As Launching Pad for Rally or Just Pause in Downswing

The GBP/USD has found support at the 1.60 handle over the last few days and has managed to start a rally in today's session off those lows.

  • The support comes amid the 200-EMA as well as an the pivot from the accumulation range we saw between October 9th and October 16th.
  • The RSI has created a bit of bullish divergence.
  • Do we get a further rally from here? I'm not sure, but I can tell you that the 1.6075 area will be a key test as a break higher would signal that we've had another period of accumulation and a subsequent rally.
  • The pivot at 1.6120 would be the next key resistance and we should monitor price action there for further clues.