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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: buyers trying to reach the trend line

GBP/USD: buyers trying to reach the trend line

We’ve got a “V-Bottom”, which has been formed on the nearest support at 1.4039, so the price reached a resistance at 1.4277 afterwards. Therefore, the market is likely going to decline towards a support at 1.4147 in the short term. However, if a pullback from this level happens, bulls will probably try to catch a resistance at 1.4384.

GBP/USD: buyers trying to reach the trend line

There’s a “V-Bottom” too, which set up the current upward movement. The price reached a resistance on the 89 Moving Average afterwards, so we can see a local downward correction. So, the market is likely going to decline in the direction of a support at 1.4178. However, bulls will probably try to continue the correction, but only if a pullback from the target support happens.

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