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The GBP/USD pair continues to move upwards from the level of 1.2796. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2796 and 1.2928; for that we expect a range of 132 pips (1.2796 - 1.2928). On the one-hour chart, immediate support level is seen at 1.2796, which coincides with a ratio of 00% Fibonacci retracement - last bearish wave - double bottom.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100) and (50). Therefore, if the trend is able to break out through the first resistance level of 1.2928, we would see the pair climbing towards the daily resistance at 1.2928 to test it.
It would also be wise to consider where to place stop loss; this should be set below the second support of 1.2796. It should always be noted that: If the trend is upward, the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend. The stop loss should never exceed your maximum exposure amounts. The market is highly volatile if the last day had huge volatility.
However, the price spot of 1.3010 remains a significant resistance zone. Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective. It will indicate the bearish opportunity below 1.3010, sell below 1.3010 or 1.2969 with the first target at 1.2796 in order to test yesterday's bottom.
Signal :
According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.2796 and 1.2928. The level of 1.2969 is representing the double top and the weekly support one has set at the same price. Buy above the spot of 1.2796 with the targets 1.2928 and 1.2969. On the other hand, the daily strong support is seen at 1.2796 . If the GBP/USD pair is able to break out the level of 1.2796, the market will decline further to 1.2696.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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