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GBP/USD – 4-hr 50-MA hurdle could be put to test

OANDA:GBPUSD   BRITISH POUND / U.S. DOLLAR
Pair’s bullish inverted hammer candle formation on the daily chart lst week followed by a bullish break from falling channel and symmetrical triangle formation on the 4-hr chart suggests the prices are likely to test and possibly breach the 4-hr 50-MA resistance seen today at 1.2327.

However, the 4-hr 50-MA is still sloping downwards; hence gains above 1.2327 should be viewed with caution.

On the lower side, break below 1.2149 (confluence of channel support and triangle support) would signal fresh sell-off towards 1.20 handle.
Checkmate! I shorted more of it. Going to bed again..and waiting upon US Data.
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TipTVFinance Rocketman
It rallied...
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Rocketman TipTVFinance
Yes, some "other" news just came out: "UK Attorney says it is 'very likely' that Brexit will require ratification by MPs." This means that "maybe" there will not be such a hard Brexit. So, it is a left upper cut. hehe.
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Rocketman Rocketman
...a hidden and unexpected punch that is not from the data itself.
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Rocketman TipTVFinance
snapshot
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Rocketman Rocketman
You get a nice set-up, and then, some new data comes right in to spoil it a little.
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Rocketman TipTVFinance
Here is why it went up and then why it stopped rallyingL "Comments from the UK attorney that 'Brexit' will 'very likely' require ratification by parliament have pushed GBP higher still, with the assumption being that this will prove to be softer stance by PM May in the negotiations that follow. However, these have been followed up by further comments that the UK and EU could potentially reach an agreement to come into effect without parliamentary approval."
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TipTVFinance Rocketman
Good short entry in my opinion is below the daily low or below the inverted bullish hammer candle Till then there will always be some reason or another for a sudden spike
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Rocketman TipTVFinance
agree
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Rocketman Rocketman
So, people got confused and thought that the parliament would vote NOW..but then realized.. after listening to the rest that they will ratify AFTER article 50 is enacted.
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