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GBPUSD approaching support, potential bounce!

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
Tickmill Broker  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdlong gbpusdshort Forex forexsignals forextrading
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdlong gbpusdshort forex forexsignals forextrading
GBPUSD is approaching our first support at 1.2794 (Horizontal overlap support, elliot wave structure, 76.4%, 50% fiboancci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 1.2973 (horizontal swing high resistance, 38.2% fiboancci retracement).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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