The market has pulled back after forming a Spinning Top candlestick. We are no seeing some consolidation above the 76.4% retracement at 81.78.
Looking up, we see resistance at the 100% level of 82.61 with a break higher testing 84.33 (123.6% level). A move lower can test the 61.8% level at 81.26.
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GBP/USD Recovers from the Trend Line
GBP/USD: The market continues its recovery from the rising trend line. This move comes after completing a bullish Piercing Line candlestick. We can now test the downward sloping line with a rise above that testing 1.6145.
A move above that can test 1.6309. A move lower, and below the trend line support at 1.6040 can test the support cluster at 1.5951 to 1.6003. Below that lies another trend line support at 1.5908.
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DISCLOSURE And DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.