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Technical Outlook:
Last Friday the GBP/USD pair expressed a significant bullish reaction towards the support level 1.5280 which turned our short-term view for the pair into bullish.
As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicated a possible bullish retracement which was expected to take place this week.
The GBP/USD expressed significant bearish price action towards the upper limit of its channels at 1.5595 and then managed to breakdown the lower limit of the same channels at 1.5515.
The GBP/USD pair has an Intraday Support Level at 1.5400 which corresponds to the Average Daily Range & the upper limit of previous congestion zone which is expected to show some bullish rejection even in the short term.
The depicted non-typical double buttom pattern renders price zone 1.5380-15400 as a significant Intraday support zone. In case it is broken through, the way towards 1.5290 will be open.
The GBP/USD pair has an Intraday Resistance Level at 1.5520 corresponding to the backside of the lower limit of the depicted broken bullish channels.
Based on the previous analysis
- The market offers a valid BUY entry around 1.5380-1.5400 with SL below 1.5320.
TP levels are to be located at 1.5450, 1.5495 & 1.5555.
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