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FXstreet.com (Córdoba) - Cable is testing session highs against the Dollar. GBP/USD rose to 1.5972, posting a fresh intra-day high. On the upside the next resistance lies at 1.6000 and above at 1.6050 (Oct 6 high). The pair is consolidating gains against the Dollar as currently it trades at 1.5950/55, 0.29% above today's opening price action.
According James Chen, Chief analyst at FX Solutions: "The key downside support level to watch for is the important 1.5800 price region, which the pair has essentially respected since May. Any significant breakdown below this level could confirm a potential bearish reversal off the head & shoulders pattern, and target further support in the 1.5500 price region, and possibly further down around the 1.5300 price region. "
The Sterling is rising across the board on Wednesday, recovering after days with losses but still remains under pressure.
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