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Forex Analysis & Reviews: GBP/USD: larger drop needs confirmation
time 19.01.2022 08:11 AM
time Relevance up to, 20.01.2022 08:11 AM

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GBP/USD Exhausted Buyers!

As you can see on the H4 chart, the GBP/USD pair climbed as much as 1.3739 level where it has found resistance, strong supply. Dropping below the uptrend line signaled that the buyers are exhausted and that the price could develop a downside movement, a corective phase.

A temporary decline is natural and it was somehow expected after its strong upwards movement. 1.3576 level stands as a downside obstacle. Only dropping and stabilizing below it could announce potential furter drop.

GBP/USD Trading Conclusion!

GBP/USD could activate a largger downside movement if it drop below 1.3576. This scenario could bring new selling opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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