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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: technical analysis

Sergey Logachev

GBP/USD: technical analysis

Yesterday a consolidation was ended, which led to the really tricky price movement afterwards. Finally, the downward trend was broken and the price faced a resistance at 1.4286. It’s likely that the market is going to decline towards a support area between the levels 1.4234 – 1.4193. If we see a pullback from this area the pair might start a new upward movement to a resistance at 1.4393.

GBP/USD: technical analysis

We’ve got a “Triangle” pattern, which brought a bullish rally to the market. This movement was ended by the “V Top” pattern at 1.4316, so now we can see a consolidation in progress near the trend line. It’s likely that bears will go deeper towards a support area between the 55 Moving Average line and the level 1.4234. However, bulls might come back afterwards, so we should keep in mind an important resistance at 1.4371.

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