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Intraday technical levels and trading recommendations for GBP/USD for October 24, 2018
October 24, 2018 3:22 pmVideo
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On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
On October 4, the price level of 1.2900-1.2940 (the backside of the broken uptrend) initiated another bullish movement above 1.3010 and 1.3100 (61.8% Fibo level) which led to recent bullish movement towards 1.3200 where the current bearish movement towards 1.2900 was initiated.
Bearish persistence below the price level of 1.3000 (50% Fibo level) enhanced further bearish decline towards 1.2900 where bullish recovery should be anticipated again.
As for the bullish breakout scenario to remain valid, bullish persistence above 1.3010 (50% Fibo level) and 1.3100 (61.8% Fibo level) is needed to maintain sufficient bullish momentum initially towards 1.3200 and 1.3280.
Otherwise, the next bearish destination is located around 1.2800 if enough bearish momentum is demonstrated.
The material has been provided by InstaForex Company – www.instaforex.com
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