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GBP/USD soars above 1.6200 following UK PMI report
A widely better-than-expected British PMI report regarding services has helped to drive the GBP/USD above the 1.6200 mark towards a fresh 11-day high at 1.6215. The pair had earlier stalled around 1.6160, following it´s mild recovery from a daily low underneath 1.6100 in the final hours of the Asian session. If current bullish momentum is able to continue, immediate resistance is listed at 1.6223 (61.8% of 1.6401-1.5936), 1.6266 (Daily High Mar 24) and 1.6324 (21-Day Upper Bolli). In the case of a downside correction, support is placed at 1.6080 (Hrly Low Mar 31/Apr 1), 1.5971 (Daily Low Apr 1) and 1.5937 (Daily Low ... (full story)