By FXEmpire.com
The GBP/USD pair shot straight up in Wednesday trading, and closed the day towards the top of the range. This is a very bullish sign for cable, but now it is nearing the 1.65 area – an area that has given it trouble in the past. As we stated yesterday – any longs would be short-term at best. If you took that trade, you should have stop losses at break even by now, if not taking some profit off of the table. We need to see a daily close above the 1.65 handle to get long again.
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