|GBP/USD Weekly Wave Analysis|
|GOLD Intraday Technical Analysis|
The spot rate is currently testing the upper limit of its medium term bearish channel at 100.70 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.
Technical indicators do not provide clears signals but approaching overbuy zone may support the decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate breaks through its resistance of 100.70 with the 1st objective at 101.30 and then at 101.50. A break through 100.50 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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