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GBP/USD Runs Above 1.67

The GBP/USD started the week bullish, and extended even higher during early 4/8 European trading.


(gbpusd 4h chart, 4/8)

The 4H chart shows
1) A bullish GBP/USD pushing above a high from 2 weeks ago at 1. 6683,
2) and now above the 1.67 handle,
3) tagging a previous resistance pivot at 1.6715, as well as challenging a falling resistance.
4) Oscillators overbought.
5) RSI is showing bullish development after it tagged 70, held mostly above 40, and is now tagging 70 again.

Though we might see some near-term resistance around 1.6720, the GBP/USD looks poised to challenge the 1.6780 to 1.6820, 2014-highs. However, it would be difficult to push through this level ahead of Wednesday's FOMC meeting minutes, and Thurday's BoE monetary policy statement.