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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: the trend line is waiting for bears

Sergey Logachev

GBP/USD: the trend line is waiting for bears

The pair was rising the last two days since a “Double Bottom” arrives at the local low. Finally, the market faced a resistance at 1.4325, which led to the current decline. It’s likely to see a support at the local up trend line. If so, the price will probably try to reach a resistance area at 1.4305 – 1.4342.

GBP/USD: the trend line is waiting for bears

The price has formed a “V-Top” pattern and reached a support at 1.4241 afterwards. So, the market is likely going to test the next support area at 1.4190 – 1.4170. Considering a possible pullback from this area, bulls will have an opportunity to achieve a resistance at 1.4259 – 1.4283.

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