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GBP/USD Breaks Above Key Trendline
Trendline breakout: The GBP/USD as been bullish in March. After initially retreating 38.2% from a falling trendline that has held 2013 price action bearish, it has now cracked it. The break also cleared the 200-4H SMA. If the market can clearly push above 1.52, and pull the 4H RSI reading above 60, it should reflect continuation of the March rally. Breakout, correction scenario: The daily chart shows that the break is still premature. But if it does develop, there is a near-term resistance pivot at 1.5320. Then the next possible target would be the 38.2% retracement at 1.5422. Further confirmation of bottoming, like ... (full story)