Tuesday, July 17, 2018

Will the GBP/USD stay at support?

The GBP/USD has found a very good support level at the 1.3100 zone from where it has bounced seven times already to the upside, as shown on the daily chart. The pair may find once again a support at the 1.3100 visit, but the more times the price visits the level, the higher the probability of it breaking it. In case of a bearish breakdown, the 1.3000 level may act as a temporary support, but a breakdown of that level would accelerate the bearish momentum and cause the price to fall more rapidly. Another possible scenario is that the price may stay consolidated between the 1.3100 level and the 1.3400 level without taking a clear direction. Above the 55 day EMA, in case of a bullish correction, the 200 day EMA at the 1.3500 level may act as a very good resistance.

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