23 April 2012 06: 27 GMT
GBP/USD: recent breaking back above 1.6000 now opens the door to the costs back to the peak of October 2011 to 1.6165. However, additional gains beyond 1.6165 should be difficult to get, and once more see us risks for a bearish reversal for renewed weakness back to support key by 1.5800. A break and closing below 1.5800 will accelerate and decreases. Ultimately, only a weekly closing above 1.6165 would deny underlying bearish bias.
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