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Thread: GBP/USD pair discussion

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    GBP/USD pair discussion

    GBPUSD Outlook

    The GBPUSD was corrected higher yesterday and now testing 1.5650 resistance area as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 1.5650 testing 1.5700 - 1.5768 and the upper line of the bearish channel. However note that as long as price moves inside the bearish channel the major scenario remains bearish. Immediate support at 1.5580. Break below that area could trigger further bearish pressure testing 1.5500 support area and keep the bearish scenario remains strong.

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    GBP/USD closed higher due to short covering on Thursday as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bearish signalling that sideways to lower prices are possible near-term. If it extends Wednesday's decline, November's low crossing is the next downside target. Closes above Tuesday's high crossing are needed to renew the rally off November's low.

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    Closed friday @ 1.5532 after retracing a huge sell-off of about about 160 pips.

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    Thats a huge turn over 160pips....from the look of things, Is going to be the same as yesterday.

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    GBP/USD closed lower on Friday and spiked below November's low thereby renewing the decline off November's high. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, September's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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    The GBPUSD slipped below 1.5500 on Friday but so far still unable to stay consistently below that area. The bias remains bearish in nearest term especially if price able to break below 1.5475 testing 1.5400 before targeting 1.5300 this week. Immediate resistance at 1.5583. Break above that area could lead us to neutral zone in nearest term testing 1.5650 but as long as price moves inside the bearish channel we are still in strong bearish scenario.

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    GBP/USD closed lower on Monday as it extends some of last week's decline. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends last week's decline, September's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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    The GBPUSD was volatile but indecisive yesterday. On h4 chart below we can see price is moving in a triangle formation indicates consolidation but as long as price moves inside the bearish channel overall we are still in a bearish outlook. The bias is neutral in nearest term. Immediate resistance at 1.5580. Break above that area could trigger further bullish pullback testing 1.5650 and the upper line of the triangle. On the downside, another strong movement below 1.5500 would keep the bearish scenario remains strong testing 1.5450 – 1.5400 before testing 1.5300 support area this week

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    Current level - 1.5449

    The pair is in an uptrend after bottoming at 1.4226. Trading is situated above the 50- and 200-day SMA, currently projected at 1.5707 and 1.5323.

    The bias here continues to be negative for 1.5290 with an initial resistance at 1.5490 and crucial level at 1.5570. A reversal above 1.5290 is to be expected, and it will target 1.5650 resistance area again.

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    GBP/USD closed lower on Wednesday as it extends the decline off last week's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain bearish signalling that sideways to lower prices are possible near-term. If it extends the aforementioned decline, September's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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