An intra day price turn-off the 1.6328 level saw GBP closing flat on Tuesday. However, as long as the pair continues to maintain above its symmetrical triangle (clearly seen on the weekly chart), we look for a return above the 1.6296/1.6328 levels. This will resume the pair's long-term uptrend towards the 1.6455 level. Further out, resistance lies at the 1.6877 level, its Nov'2009 high. On the downside, the risk to our analysis will be a break and hold below the 1.6029 level, its Feb 25'201 low followed by the 1.5964 level where we expect a cap to occur and turn the pair back up again. Another support is located at the 1.5819 level, its Jan 19'2011 low.
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