On the mid-term scale, the GBP/USD currency pair is moving sideways in a slightly bearish channel since it managed to breakdown the long-term uptrend line depicted on the chart. Price levels of 1.5460 & 1.5520 which correspond to 61.8% & 50% Fibonacci levels based on the previous bullish swing 1.5266 up to 1.5774. On the Intraday scale the price zone of 1.5460 - 1.5520 corresponds to the lower limit of the long-term channel which constitutes a very strong support zone and is likely to push the GBP/USD pair to the upside to 1.5580 then 1.5645 with SL located below 1.5450. A short-term Head & Shoulders reversal pattern was expressed yesterday at the key-zone of 1.5460 - 1.5520 which is confirmed now to be targeting at 1.5580 then 1.5630. The pair is probably forming a mid-term bearish Head & Shoulders reversal pattern with its right shoulder located around 1.5645 which is rendered a valid Sell entry with SL located above 1.5725.
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