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GBP/USD: still consolidating in an up-trend

By ForexJul 22, 2014 09:58AM GMT Add a Comment
 
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No real change here: Cable continues to consolidate in what could be a flag pattern but increasingly looks like something less clear cut. Nevertheless, its still probably a continuation pattern given the dominant trend remains up and there are no strong signs of it losing momentum.


For confirmation of a continuation higher and a breakout to the upside I would want to see a move above the 1.7190 highs, which would then target the R1 monthly pivot at 1.7250. Alternatively, if the decline continues, it will probably fall to tough support provided by the major trend-line drawn from the July 2013 lows.
GBPUSD22c
GBPUSD22c

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