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GBP/USD technical analysis: A tight range of trading showing weakness of movement

22 Nov 2018 04:37 PM

GBP is trading very weak and failed to stabilize above 1.2795. Trading remained below the mentioned level most of the time, weakening the upside potential and showing that the pair does not have bullish momentum. A breach of 1.2876 has become necessary to prove a bullish trend.

But also from the bottom, we can confirm the continuation of the downside only by breaking the previous bottom level at 1.2990.
Therefore, it is preferable to wait a little while to confirm the break out of 1.2690 and 1.2875 before taking new positions.

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