GBP/USD : UK GDP pushed out the price of its bearish channel
--- New analysis ---
The UK got out officialy yesterday of the recession, displaying a growth of 1% on the third quarter. This led to a bullish rally of the Sterling againt the US Dollar. The pair GBP/USD has validated the exit of its medium term bearish channel (purple lines). We are now neutral between 1.6068 and 1.6150.
We advise to wait an exit of this range to take position:
- Long if 1.6150 is broken. We will then target 1.62 and 1.6250 in extension
- Short in case of return below 1.6068 (back into the bearish channel). The price should then test the support at 1.60 and 1.5950 in extension.
Analysis published by Bruno, the 10/26/2012 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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