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Intraday Analysis – GBP keeps high ground

Intraday Analysis – GBP keeps high ground

GBPUSD continues higher

Sterling advanced after an upward revision to January’s growth in Britain. The pair has been holding up well since its break over the double top of 1.2440 at the daily chart. 1.2350 is a firm support. Closes above 1.2440 are a sign that bulls expect a new round rally. A break above the peak at 1.2520 may release bullish inertia and extend gains towards May 2022’s high of 1.2660. The RSI entered the overbought zone. 1.2480 The first support is in the event of a retract.

AUDUSD breaks higher

Last month, the Australian dollar rose as tightness in the labour market was continued. Sellers have covered their positions after successive breaks above the 0.6680 and 0.6730 levels, leaving more room for extension. Then a decisive close above this month’s high of 0.6790 may lay the groundwork for a bullish reversal in the medium-term. But before that, 0.6820 Bulls will need to take a breather after the RSI has shot into overbought territory. 0.6750 This is the level at which you can expect to see a lot of repeat purchases. 

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