GBP/USD Analysis:
Yesterday, the pound broke resistance line at 1.629, then 1.634 even to clear the hourly EMA200 at 1.636. Now it is trying to hit 1.64, which has been a strong support and resistance line.
No news in the morning or the early afternoon, so it will be again all price action. If it can be supported at 1.636 and remain in range to 1.64. Breaking below 1.636, will bring the support to 1.629 again, then 1.6275. Breaking 1.64 will bring it higher to resistance at 1.644, below it can go above 1.65 level.
The news in the afternoon all point to a better than expected forecast. With the Euro making new high, the pound can make new high after the series of news from 1500 to 1700hrs SGT.
Trend: CCI climbing up, showing a continuation for pound to make new high. Before 1500hrs SGT if pound make new high above 1.64, wait and see if the news bring the price higher above 1.644. If that do, the pound will create more room to move upwards, potentially to 1.65. However, if the news failed to maintain the price above 1.64, the pound may move back towards 1.63.
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