GBP/USD : Exit of its medium term bullish channel
--- New analysis ---
The pair GBP/USD got out yesterday of its medium term bullish channel and then broke the support at 1.61 (neutral zone 1.61/1.6160), giving us a sell signal. The price is currently making a small correction. This correction could pursuit towards 1.6160, allowing the pair to make a pullback on the lower band of its former channel.
However, we advise to trade only short positions as far as 1.6160 is resistance. The price is moving into a bearish channel (purple lines). A return below 1.60 will comfort our bearish feeling. The price should then reach the support at 1.60. The breakout of this level will give a new sell signal.
In case of return above 1.6160, we will be neutral between this level ad 1.62.
Analysis published by Bruno, the 10/04/2012 at 09h30 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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