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GBPUSD Technical Overview and Intraday Levels

GBPUSD Technical Overview and Intraday Levels

•Stuck in a descending triangle, the Cable  is currently trading at 1.27650

•H4 Chart Readings : Below EMA50 and SMA 20 under the bearish pressure.

•A break above 1.2817 would confirm a descending triangle breakout or bearish-to-bullish trend change. A  close above 1.28170 – confirmed by MM 4/8 Major Resistance  would mean the sell-off from the Nov. 7 high of 1.3175 has likely ended at 1.2723 (Nov. 15 low) and the bulls have regained control.

•A firm breakout, if confirmed, would open the doors to 1.30 (psychological hurdle).

Upside Key Levels: 

1.27860 , 1.28479 ( MM 5/8 and MA100 on H4 Chart ) 1.28780 ( Key intraday Resistance ) 1.29080 (MA 200 H4)

Downside:

H1 readings turned to bullish from bearish. 1.27560 is the first support. If the pair break below 1.27560 support, 1.27240 , 1.26930 and 1.26640 would be the key levels. 1.26340 is the extremely overshoot and the botto of the trading range of the day

We will focus on the potential BULLISH triangle breakout to enter the trade.

 

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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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