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drilonn001

GBPUSD has broken the M_PP, now heading up

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
drilonn001 Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns
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trendanalysis chartpattern
The pair similar to USDCAD tested the M_PP as expected from our analysis but then the structure there was unable to hold as resistance and the price broke and closed above this area with a strong move. For this week as the things stand now, it is a high probability that the price will continue its move on the upside. As we got caught on short position on the pair, we are now on the negative side so we will be expecting how the price action will unfold and see if we can get out manually or our SL will be triggered.
Comment:
After the pair broke the resistance at M_PP last week and tested it again this week, but this time as support, the price looks like its consolidated for a move on the upside. As we expect the price action to unfold, now next stop may be at M_R1 where price may encounter sell orders from bears
Comment:
On the GBPUSD pair we had a fake breakout of the M_PP and now price returned below it again. We will be looking for short opportunities on the weekend analysis.
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