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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: bear's happiness after the "V-Top"

Sergey Logachev

GBP/USD: bear's happiness after the "V-Top"

There's a “V-Top” pattern at the last high, which led to the current downward movement. It’s likely that bears aren’t going to stop, so we should keep an eye on a support area between the levels 1.4077 – 1.4056. If we see a pullback from this zone, then it’ll be an opportunity for an upward correction.

GBP/USD: bear's happiness after the "V-Top"

The local downward trend was broken. Finally, the price reached a support at 1.4133 and started a correction afterwards. If the possible upward movement be stopped by a resistance at 1.4172 – 1.4210, then the bears are likely going to back to the market.

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