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GBP/USD: border-line of major triangle impeding up-trend

Published 10/21/2014, 07:41 AM
Updated 07/07/2019, 08:10 AM

Cable continues to recover and push higher. It has reached major resistance from the upper-border of a major multi-year triangle at 1.6210 and is consolidating beneath that level at the moment. There is a possibility that with the release of U.S inflation data out tomorrow it could lead to much volatility.


The current very short-term trend is bullish and I expect it to continue rising. The border-line is a major impediment to further upside, however, and for stronger confirmation of more upside I would ideally want to see a clearance of the line and the 1.6226 highs. For extra confidence a move above 1.6235 would be necessary; such a move would probably be expected to reach the 50-day MA at about the 1.6320 level.
GBPUSD21

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