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Forex pairs in this Article » GBP/USD (Chicago) - GBP/USD extends higher highs and lows advancing to 3-week highs above the 1.6240 front ahead of heavily data loaded journey later on in both countries.

Next spring?

Market participants expect the BoE interest rate decision and housing market data in the US along trade balance results for September. After disappointing nonfarm payrolls, it is assumed tapering won’t happen until next spring as conditions do not seem to favor the current economic recovery allowing for a bond-buying program reduction.

GBP/USD Technical Levels

Technically speaking, the pair extends the bullish channel printing new 3-week highs around the 1.6247 (resistance level). On corrective move, the pair breaks after strong rally throughout Tuesday. Offered at 1.6244, the pair navigates between the supports aligned at 1.6225 (October 19th highs), 1.6196 (October 18th highs) followed by 1.6168 (October 16th highs) and the resistances set at 1.6247 (October 2nd highs), 1.6277 (December 20th 2012 highs) ahead of 1.63 (December 16th 2012 highs). According to the trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
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