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Thread: GBPUSD is being traded around 1.2310 after movement of more than 400 pips

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    Administration Alien's Avatar
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    Default GBPUSD is being traded around 1.2310 after movement of more than 400 pips

    The Great Britain Pound (GBP) underwent some correction against the US Dollar (USD) on Wednesday, dragging the price of GBPUSD to less than 1.2350 amid some key economic events. The pair had shown skyrocket movement of more than 400 pips yesterday. The technical bias remains bullish because of a higher low in the recent downside wave.

    Technical Analysis

    As of this writing, the pair is being traded around 1.2310. A hurdle can be noted near 1.2492, the confluence of trendline resistance as well as 38.2% fib level as demonstrated in the given below daily chart. A break and daily closing above the 1.2500 resistance shall incite renewed buying interest, validating a move towards the 1.2774 resistance zone.
    Click image for larger version. 

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    Last edited by Alien; 01-19-2017 at 10:49 AM.
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