GBP/USD : Take up of the bullish trend or new correction?
--- New analysis ---
At the end of the last week, the major support at 1.60 has allowed a rebound of the pair GBP/USD. The price continues this bullish movement into a short term bullish channel (black lines in h1). On the medium term, the pair is currently testing the upper band of its bearish channel (purple lines).
We are neutral at this movement between 1.61 and 1.5150. We advise to wait an exit of this range to take position:
- Long above 1.6150. We will then target a test of the resistance at 1.6260
- Short in case of return below 1.61. A new test of the major support at 1.60 should be then expected.
Analysis published by Bruno, the 10/17/2012 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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