GBP/USD : Exit of its medium term bullish channel
--- Follow up analysis ---
A pullback on the resistance at 1.62 (and also on the lower band of the former bullish channel - blue lines) has occured last week on the pair GPB/USD who then took up its bearish movement. Currently, the price is testing again the support at 1.61.
The pair is still moving into a medium term bearish channel (purple lines). We continue to advise short positions as far as 1.6168 is resistance. The breakout of 1.61 will give a new sell signal and should open the way towards 1.60.
In case of return above 1.6168, we will be neutral between this level and 1.62.
Analysis published by Bruno, the 10/08/2012 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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