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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: bears going to reach support

GBP/USD: bears going to reach support

Yesterday a “Breakaway Gap” was formed, so the price faced a support at 1.2849, which led to a local consolidation. Therefore, it’s likely that the market is going to get a resistance at 1.2883 – 1.2911 in the short term. However, bears are probably going to break the last low afterwards.

GBP/USD: bears going to reach support

The price found a support at 1.2839, so we’ve got a local flat. There’s a possible “Double Bottom” pattern, which could be a departure point for an upward movement in the direction of the nearest resistance at 1.2932 – 1.2951. At the same time, if bulls be stopped here, then there’ll be an opportunity to have another decline.

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