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GBPUSD Technical Overview : Bearish Pressure Below 1.30600

GBPUSD Technical Overview : Bearish Pressure Below 1.30600

GBPUSD tested the upper channel of the Bollinger Bands in Daily chart after completing Bullish Total Harmonic Pattern at 1.26500 – Fibonacci 1.272 extension of XA –

Cable faced a strong selling pressure at 1.29300 and pulled back.

On the H4 Chart, the pair ended the week above EMA 50 and SMA 100. Shorter term Bullish move is likely to continue if the pair holds above 1.28100. Breakout of the 1.28800 resistance will carry the price 1.29350.

We need to see H4 closings below 1.28100 for further bearish movement.

1.30600 is the key resistance as Fibonacci 23.6 of XA. Midterm bearish pressure will continue as long as the price holds below 1.30600.

We can start to talk about a midterm trend reversal after the breakout of 1.30600 resistance.

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

 

 

GBPUSD Technical Overview: Information on these pages contains forward-looking statements that involve 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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