Sterling broke higher in the course of the last week, going above our long-term target at 1.58 handle and continuing its uptrend all the way to above 1.59 handle which proved to be resistive at the moment.With no major data releases next week, we can expect a bit less volatility especially since we are quite near 1.60 handle which is a major resistance on the long-term charts. Therefore, any type of resistive candles around this area should offer short-term selling opportunity, while supportive candles around 1.58 handle, which was previously resistive, would be short-term buying signal. In long-term trends, we have no interest in selling this pair, as there is plenty of supportive points below there from which pair could easily rebound. Our initial buying target is set at 1.60 handle, which pair will certainly test sooner or later, and we believe that pair could even go all the way to 1.65 handle when the pair break above this area.
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