GBP/USD : Test of the upper band of the medium term bearish channel
--- New analysis ---
The pair GBP/USD has continued its rebound and is currently testing the upper band of its medium term bearish channel (purple lines). This rebound doesn't put in danger the bearish trend of last weeks as far as the resistance at 1.6068 (currently tested) is resistance.
So, we continue to advise only short positions as far as this level is resistance. We could target a return on the psychological level at 1.60 and 1.5950 in extension.
However, if 1.6068 is broken, we will be neutral between this level and 1.6150. We will then wait an exit of this range to take position.
Analysis published by Bruno, the 10/25/2012 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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