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GBPUSD has been trending lower since April 2018.
At the January 3rd flash crash low, the pair was down nearly 2,000 pips from the April 2018 high.
There’s no doubting the fact that sellers have been in control.
However, there is a pattern that GBPUSD bears shouldn’t ignore.
Similar to EURUSD, the pound has carved what appears to be a falling wedge pattern. If the pair can close above resistance, GBPUSD could see further gains.
The “daily close” refers to the New York 5 pm EST close.
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At the moment, that trend line comes in near 1.2800. A daily close above it would expose 1.2880 followed by the 1.3050/70 resistance area.
Alternatively, bearish price action from the 1.2800 area could send GBPUSD back to 1.2700.
I’m neither bullish nor bearish GBPUSD at the moment.
But if I look at the price action since April of last year, I wouldn’t be at all surprised to see the pair advance toward the 1.3050/70 area.
Keep in mind that Brexit will remain front and center for some time. As such, you should expect volatility both ways for weeks and months to come.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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