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Salzworth

Limited upside seen on GBPUSD: 13 October 2022

Long
British Pound / U.S. Dollar (FOREXCOM:GBPUSD)  
Salzworth  
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdlong gbpusdshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdlong gbpusdshort forex forextrading forexsignals
On the M15 timeframe, prices are testing the M15 demand zone at 1.1080, in line with the 61.8% Fibonacci retracement. We could see further upside above this zone to the next resistance zone at 1.1130. This resistance zone coincides with the 61.8% Fibonacci extension and 78.6% Fibonacci retracement level. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.
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