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Thread: GBP/USD

  1. #1
    Banned warlord42's Avatar
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    Default GBP/USD

    GBP/USD maintained its stability above the 1.5300 level, to build a sub-base of support underpinning to support the continuation of the bullish trend, where there is the next major goal at 1.5530

    SMA 50 supports the expected rise, which remains valid, provided stability above 1.5185

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  2. #2
    Moderator cool user Dangerous's Avatar
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    Default

    GBP/USD has dropped below 1.2950 as coronavirus fears grips markets. The EU's mandate for post-Brexit talks confirmed demands for a level-playing field that the UK rejects.

    Downtrend resistance has been capping the pair since February 12 and steep uptrend support has been closing on the price from below. This wedge pattern suggests that relatively low volatility will be followed by a sharp move to either side. To which one?

    Momentum on the currency chart is positive but the recent slide has sent pound/dollar below the 50 and 100 Simple Moving Averages after it failed to hold above the 200 SMA. All in all, the picture is mixed.

    Support awaits at 1.2940, which cushioned the pair several times in February. It is followed by the round level of 1.29 and then by 1.2875 and the 2020 trough of 1.2850.

    Resistance is at 1.2980, which held it down last week and then by the recent peak of 1.3020. The mid-February high and double-top of 1.3060 is next.

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