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DenisRisticFX
Aug 10, 2018 10:53 PM

GBPUSD chop and possibly a retrace 

British Pound/U.S. DollarFXCM

Description

Price Altitude: Middle
Daily Trend: Down
4H Trend: Down

Price Analysis: Just like EURUSD, GBPUSD has weakened considerably against USD. In the process, demand zones have been removed and supply zones have been created.

Anticipated Move: Since price is hanging out at the 25% resistance with underlying 4H demand that has been touched @ 1.27256 and overlying supply at 1.28195, I anticipate chop before a retrace occurs into overlying 4h supply.

Price Points of Interest:
4h Supply @ 1.28195
Stacked 4H Demand @ 1.26736
Stacked 4H Demand @ 1.26257

This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.

Trade closed: target reached

GBPUSD retraced right into the 4h Supply @ 1.28195 to fall lower. Targets reached.
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