GBP/USD: The bulls are back in town
The Sterling lost significant ground against the US Dollar during Monday’s session, with the cable losing about 100 pips to close at 1.525. At 1.5263 at the moment of writing, it looks like the bears cannot find enough collective momentum to drag the market lower. The market has been in an uptrend since mid-March and as long as the 1.50 level remains intact, there could be further upside potential. With the RSI just above its neutrality area, a break above Friday’s close at 1.536 would open the way for a re-test at 1.545. Next key level for the bulls to watch above that sits at 1.5835. In the alternative scenario, we would have to see a consistent break below 1.50 for the cable to turn back to a downtrend. Economic data starts to pick up again today with the UK Industrial production and Merchandise Trade figures among the most notable.
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