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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 129036, member: 33464"] [SIZE=6][B]GBP/USD – British Pound Broke Uptrend Support Vs US Dollar?[/B][/SIZE] [SIZE=5][B]Key Highlights [/B][/SIZE] · The British Pound after trading as high as 1.3047 against the US Dollar made a downside move. · The GBP/USD pair recently broke a crucial channel support at 1.2920 on the daily chart, which can be considered as a bearish break. [B][SIZE=5]GBP/USD Technical Analysis[/SIZE][/B] The British Pound moved above 1.3000 this past week against the US Dollar. Later, the GBP/USD pair made a short-term top at 1.3047, and broke a major support area for further declines. [IMG]https://titanfx.com/wp-content/uploads/2017/05/GBPUSD-Chart-05.31.2017-768x401.png[/IMG] Looking at the daily chart, the pair clearly had a good bullish run once it broke the 1.2760 resistance area. It formed an ascending channel, but recently broke it at 1.2920 to ignite a downside move. The pair also cleared the 23.6% Fibonacci retracement level of the last wave from the 1.2365 low to 1.3047 high. However, the British Pound buyers protected losses below 1.2770-60. The stated area was a major resistance, and now holding losses below 1.2750. As long as the pair is above the 1.2750 support, and the 38.2% Fibonacci retracement level of the last wave from the 1.2365 low to 1.3047 high, it may bounce back. On the flip side, if there is a breakdown, GBP/USD could extend declines towards 1.2700. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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