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GBP/USD Tags Range Low; Leaves Long Lower Wick

Jamie Saettele, CMT

DailyFX.com -

Daily

GBP/USD Tags Range Low; Leaves Long Lower Wick
GBP/USD Tags Range Low; Leaves Long Lower Wick

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-No change regarding Cable comments other than reminding of the crash day close at 1.2433 and former channel support (now near 1.2433) as pivots. “GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards 1.2612 (127.2% expansion of triangle width) and eventually the triangle objective at 1.2115.” GBP/USD crashed 2 days after the pattern breakdown and reached its pattern objective in the process. Given the measurement, the rate could stabilize.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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