GBP/USD : Take up of the bullish trend or new correction?
--- Follow up analysis ---
The pair GBP/USD got out yesterday of the neutral zone 1.61/1.6150 from the bottom, after a long test of the resistance at 1.6150. So, a sell signal has been given and the scenario of a new bearish correction seems to win. On the short term, the price got out of its bullish channel (black lines) and on the medium term, the pair is now back into its bearish channel (purple lines).
We expect a pursuit of the bearish movement towards the lower band of the channel. The breakout of the support at 1.60 should allow the price to realize this. We continue to advise short positions as far as 1.6150 is resistance.
In case of return above 1.6150, a buy signal will be given.
Analysis published by Bruno, the 10/19/2012 at 09h10 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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