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T3-Consultancy

GBPUSD H4: Bearish outlook seen, further downside below 1.1480

Short
British Pound / U.S. Dollar (VANTAGE:GBPUSD)  
T3-Consultancy  
VANTAGE: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 H4 time frame, prices are facing bearish pressure from the resistance zone at 1.1480 which coincides with the graphical support-turned-resistance level, 78.6% Fibonacci retracement and 61.8% Fibonacci extension levels. We could see further downside below the resistance zone at 1.1480 to the next support zone at 1.0880. This support zone is in line with the 50% Fibonacci retracement. Stochastic is testing resistance at 93.45 as well with more downsides seen, supporting the bearish bias.
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