GBPUSD Follow Up

GBPUSD has formed a small 1-2-3 pattern just above the support trendline when the Slow Stochastic moved higher from the oversold zone, the momentum in this pair has diminished and now we can just wait and see if  the 1.7600 resistance gets broken and then enter long or if price gets rejected from there and the pair will push lower breaking outside of the triangle.

GBPUSD has formed a small 1-2-3 pattern just above the support trendline when the Slow Stochastic moved higher from the oversold zone, the momentum in this pair has diminished and now we can just wait and see if  the 1.7600 resistance gets broken and then enter long or if price gets rejected from there and the pair will push lower breaking outside of the triangle. Moving above 1.7400 and getting close to the resistance while the Slow Stochastic is overbought could be a strong enough reason to change the bias to bearish, considering the long term trend.

 

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