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I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

GBP/USD: trend line waiting for bears

GBP/USD: trend line waiting for bears

The last upward trend has been broken. Bears faced a support at 1.2898, which led to form a “V-Bottom” pattern. So, the price is likely going to decline towards a support near the trend line. At the same time, if we see a pullback from here, there’ll be an opportunity to have a bullish price movement in the direction of the nearest resistance at 1.3056 – 1.3089.

GBP/USD: trend line waiting for bears

We’ve got a “V-Bottom” pattern, which led to a consolidation under a resistance at 1.2995. Therefore, bears are likely going to test a support near the trend line. Considering a possible pullback from this area, there’s an opportunity to have a price movement towards a resistance by the 55 Moving Average in the short term. 

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