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GBP/USD Analysis: Bounced Off Long Term Support

A review of the situation on the GBP/USD pair has been done. As a result of that, various new pieces of information have been discovered.

First of all, the recent decline of the pair was occuring in a medium term channel pattern, which guided the pair in its fall after encountering a dominant pattern’s resistance.

However, on Friday it was revealed that there was another channel, whose support line has kept the rate from falling during this week. Moreover, a rebound has occured against the line. Due to that reason the rate should continue the surge. Although, on Friday it still has to pass the 100-hour SMA at 1.29.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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