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GBP/USD (part 58)


GBP/USD (part 58)

The GBP/USD pair is currently trading at the level of 1.3638, and I expect it to decline to 1.3466. It is unlikely to move lower, though, as the range ends there within the Envelope indicator on the H4 time frame. There we can also see a 200-day moving average. To get sell signals, the pair needs to move down to the 1.3600 - 1.3623 area.

So far, the pair has been holding above this level, so it is likely to rise further. This goes against the fundamental picture, so I do not consider opening buy positions at the moment. I will open short positions when the pair returns below the level of 1.3600.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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