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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: bulls stopped by the resistance

Sergey Logachev

GBP/USD: bulls stopped by the resistance

The last flat has been ended by the bullish rally. Finally, buyers faced a resistance at 1.4282, which brought a “V-Top” pattern and led to the current decline. It’s likely that the pair is going to reach a support area between the 34 Moving Average and the level 1.4182. If  we see a pullback, then a rise becomes possible, so we should keep an eye on a support area at 1.4305 – 1.4343.

GBP/USD: bulls stopped by the resistance

We’ve got a “Pennant”, which was ended yesterday. Bulls faced a resistance at 1.4282, so a “Double Top” pattern was delivered. It’s likely that the price is going to reach a support area at 1.4193 – 1.4182, but if a pullback appears afterwards, then bulls will have a chance to achieve a resistance area at 1.4305 – 1.4343.

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