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GBP/USD prints all-year highs above 1.6160

FXstreet.com (Chicago) - GBP/USD opened the week trading strong against the dollar after breaking immediate resistance at 1.6116 at runaway gap on US government shutdown risk.

GBP/USD Technical Levels

Price action reveals the extension of a 3.5-month upward trendline and volatility swings within the boundaries of a bullish channel printing all-year highs above the 1.6160 zone. After breaking through immediate resistance and potentially smashing the possibility of a double-top pattern, the pair is offered at 1.6162 ahead housing market data in the UK and oscillates between supports aligned at 1.6116 (September 17th highs), 1.6066 (September 20th highs) ahead of 1.5976 (September 18th highs) and the resistances set at 1.6163 (September 18th highs), 1.62 (December 17th 2012 highs) followed by 1.6240 (December 20th 2012 lows). On 1-hr timeframe analysis, the pair is reported as slightly bullish above the EMA20 by the FXstreet.com trend index.

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