Nick Nasad
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GBP/USD - Key Resistance Zone Ahead...

The GBP/USD, like most USD crosses, moved in favor of the Pound in today's session, bounceing up off the 1.6120 area, and important pivot from October 9th/10th.

The question is whether the pair will be able to push through an important level of resistance that is located between 1.6240 and 1.6250, which were the highs at the beginning of the month. IF that level acts as resistance, then we have the parameters to establish a range down to 1.5915. However, if the conventional wisdom moves to a further QE tapering but the Fed, then the USD may be on the backfoot, in which case, the break of the resistance zone outlines could be the start of a mark-up phase in which we push towards the high of the year at 1.6380.

- Nick