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Technical Forecast for GBP/USD

Technical Forecast for GBP/USD


GBPUSD topped at 1.5963 & fell back to support at 1.5895/85 which has held the downside as expected so far at least. However the outlook is quite negative so a break lower today should target trend line support at 1.5865. A bounce from here is possible but longs need stops below 1.5850 for the next support at 1.5835/30. Exit shorts here & try longs with stops below 1.5815.


Above 1.5900 is less negative & could allow a move towards 1.5922/27 & possibly a retest of 1.5960/65. Exit longs & try shorts up to 1.6010, looking for a medium sell off on profit taking but we need stops above 1.6050.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Forex Markets Trading Ideas


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