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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 has broken the downtrend line

Sergey Logachev

GBP/USD: bulls has broken the downtrend line

The price has been moving in a range since the downward trend line was broken. We've got a “V-Bottom” pattern above a support at 1.3995, which led to the current flat. The pair is likely going to get a resistance at 1.4170 – 1.4194. If a pullback from this area arrives, then bears will have an opportunity to return to the market. So, we should cast wary eye at a support at 1.4052 – 1.3995.

GBP/USD: bulls has broken the downtrend line

There's a flat in progress, which led to break the local downtrend line. The 55 Moving Average acts as a resistance, so the market is likely going to rise towards a resistance at 1.4170 – 1.4190. If we see a pullback from this area, then bears will have a chance to achieve a support at 1.4081 – 1.4056.

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