Royal Bank of Scotland - "GBP/USD had been locked in a downtrend/bearish channel since the highs of the beginning of September but this, for the first time since its conception, looks in jeopardy of being broken. Still the longer term picture is for the market to break above the 1.6303 level but the short/medium term picture suddenly looks a lot more bullish than it had previously as it breaks the channel line and looks to head north out of the cloud. 1.6179 is the next big test before then this was the previous significant high on the 17th of October and 1st of November.
Should I be wrong and the market even rally through the 1.6303 level be broken then the trend line from the previous annual highs around 1.6660 becomes the target."

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Tags: GBP/USD, GBPUSD, RBS, Royal Bank of Scotland, Sterling

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