The GBP/USD pair has moved back up into its range after a recent false breakdown. It has now almost reached the range highs at the 1.6110 level. From this level it could rotate lower again and move down to the lows of the consolidation range at 1.5840, with confirmation from a move below . Alternatively it could also break yet higher and move up to the old range-highs at 1.6255; this view is supported a little bit by the not-yet-overbought momentum. Overall, however, the broad perspective it that it will go sideways, given the lack of data-drivers, specifically for the U.K and the lack of major data for the U.S.
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