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Overview :

  • The GBP/USD pair continues to move upwards from the level of 1.3758, which coincides with a ratio of 61.8% Fibonacci retracement.
  • According to the previous events, the GBP/USD pair is still moving between the levels of 1.3758 and 1.3901.
  • On the four-hour chart, immediate resistance is seen at 1.3901. Currently, the price is moving in a bullish channel.
  • This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50).
  • Therefore, if the trend is able to break out through the first resistance level of 1.3846, we should see the pair climbing towards the daily resistance at 1.4088 to test it.
  • It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3901.
  • Buy above the spot of 1.3758 with the targets 1.3901 and 1.3955. On the other hand, the daily strong support is seen at 1.3669. If the GBP/USD pair is able to break out the level of 1.3955, the market will decline further to 1.4005.

The material has been provided by InstaForex Company – www.instaforex.com

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