GBP/USD : Take up of the bullish trend or new correction?
--- Follow up analysis ---
The pair GBP/USD has continued this week its bearish movement and has rebounded yesterday on the lower band of its medium term bearish channel (purple lines). Currently, the price is testing a pullback on the psychological level at 1.60. On a short term view, a bearish slant seems to lead the movement (black line in h1).
We continue to advise short positions as far as 1.6068 is resistance (upper band of the bearish channel). We now target a test of the support at 1.59 and 1.5850 in extension.
In case of return above 1.6068, we will then advise to wait the breakout of 1.6150 to trade long positions.
Analysis published by Bruno, the 10/24/2012 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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