GBP/USD : Test of the lower band of the medium term bearish channel
--- New analysis ---
The pair GBP/USD has failed to get over the resistance at 1.63 and a correction occured, pushing back the price on the lower band of its medium term bearish channel (blue lines). The price is now moving below the support at 1.6160.
We are neutral between 1.6160 and 1.61. We advise to wait an exit of this range to take position:
- Long in case of return above 1.6160. A new test of 1.63 should be then occured.
- Short if 1.61 is broken. This scenario is reinforced by a bearish channel in h1 (black lines). The objective will be set at 1.60.
Analysis published by Bruno, the 10/02/2012 at 09h00 GMT+2
Chart of the pair GBP/USD - Timeframe 4H
Chart of the pair GBP/USD - Timeframe 1H
|GBP/USD Live Chart - Timeframe : 4h|
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