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FX.co ★ GBP/USD Intraday Technical Analysis

GBP/USD Intraday Technical Analysis

GBP/USD Intraday Technical Analysis

Presently the spot rate is testing the upper limit of its medium term bullish channel in the point 1.5990 and is expected to decline. However, the breakdown of these levels will reveal significant potential initiating a more violent bullish trend .

Technical indicators provide signals for Sell-deals. This fact confirms the possibilty of a decline that is expected to take place in the nearest future. For the last days Bollinger bands have significantly tightened indicating a decline in volatility and the beginning of the violent movement.

Considering the previous situation, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance level 1.5990 with the 1st target seen at the 1.6050 level and further at the 1.6070 level. If the level 1.5970 is passed through, the prospect scenario will be cancelled.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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