GBP/USD analysis of the week (4h candlesticks)

By @ibtimes on

The parity GBP/USD continues its bullish movement and a new buy signal has been given by the break out of 1.6353 (fibonacci retracement 50%). The parity is now on a key level and on strong resistance zone. Indeed, the parity should find resistance on the 61.80% fibonacci retracement at 1.6475 but also on a daily bullish slant (red line). This line is used by the parity since May 2009. Once, it acted as resistance and the other time as support. (eg Long term analysis : bullish black line). The break out of 1.6475 will give a new buy signal. We will maintain to trade only long positions as far as the parity is moving into its bullish channel.[center][center]

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