GBPUSD Review 30 Oct

GBPUSD moved towards the 1.6700 resistance zone forming higher lows and higher highs clearly marking the trend, now the pair has reached the 61.8 Fibonacci Retracement of the 1.7520-1.5260 down move; at current levels we expect to see some resistance and perhaps if developing price action on the smaller timeframes helps we’ll see some bearish positions starting to form. Although the bullish bias is still intact a small retracement to test the support trendline is not out of the question.

GBPUSD moved towards the 1.6700 resistance zone forming higher lows and higher highs clearly marking the trend, now the pair has reached the 61.8 Fibonacci Retracement of the 1.7520-1.5260 down move; at current levels we expect to see some resistance and perhaps if developing price action on the smaller timeframes helps we’ll see some bearish positions starting to form. Although the bullish bias is still intact a small retracement to test the support trendline is not out of the question.

 

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