GBP/USD : UK GDP pushed out the price of its bearish channel
--- Follow up analysis ---
The pair GBP/USD is currently looking for a clear trend since several days. The price has retraced the whole of its last bearish movement and is going to test the resistance at 1.60. The lower band of our last medium term bearish channel (purple lines) has allowed this rebound. We are again neutral between 1.6150 and 1.6068.
We advise to wait an exit of this range to take position:
- Long if 1.6150 is broken. We could then target a test of the resistance at 1.6215.
- Short in case of return below 1.6068 (the bullish slant in h1 will be also broken - black line). The price should then reach the support at 1.60 quickly.
Analysis published by Bruno, the 11/01/2012 at 09h05 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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