GBP/USD: The rebound remains in play

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05-03-2013 14:13

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The pound has bounced in what appears to be a very short-term rebound that will probably extend towards the resistance level at 1.5230-1.5260 dollars, say technical analysts at Digital Look.

"Although this range is the primary resistance level, we cannot rule out a larger-scale rebound towards approximately $1.55. In any case, we should realize that the GBP/USD experienced a very steep correction from $1.6380 at the beginning of the year to a low of $1.4982 last Friday," they said.

"In short, the rebound may just be getting started. What we have seen so far is insignificant relative to that correction."

JR

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