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GBPUSD Technical Overview and Bearish Cypher Formation

GBPUSD Technical Overview and Bearish Cypher Formation

In our latest analysis, we focused on 3 scenarios and our first target level was 1.32400. We saw a minor retracement at 1.32400 and Cable continue to move up as DXY falls. Our second target was 1.33800.

Technically: The price is above EMA 50 and EMA 100. A bullish crossover of EMAs is forming.

1.33050 MM 5/8 Major Pivot is broken. And the bullish action will continue as long as the price holds above 1.33000.

1.33667 is the first target of Cable as MM 7/8.

As we have published before, GBPUSD forming a Bearish Cypher Harmonic Pattern. Area of entry is between the levels 1.33850 – 1.34100.

1.34500 is historical and physiological resistance. We believe that much stronger fundamentals are needed in order to break above 1.34500 – A few positive Brexit News etc. –

Our year-end projection of GBPUSD is 1.38000- 1.40000.

Conclusion: We are on the Bulls side of the game medium term. Our target zone is 1.33800 – 1.34000 and then we will look for a short opportunity of a minor retracement.

Possible pullback levels to use as buying opportunities: 1.32800 & 1.32600.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

GBPUSD Technical Overview:  Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

 

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