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On October 23, the GBP/USD pair broke initially the 1.6200 level hitting the area of 1.6250. However, most of the bullish gains were lost when the pair established a Double Top reversal pattern around 1.6200-1.6250.
Failure to break down the 1.5900 level was observed weeks ago. Instead, a bullish rejection led to another bullish swing again above 1.6200 which was bypassed so far.
As depicted in the chart, price levels around 1.6300 correspond to the multiple previous tops that were established in 2012. Knowing that the high of 2012 year was around 1.6350, the bulls were trying to record new highs before the end of 2013 and they were successful to hit 1.6464 as a new high for 2013.
Price area of 1.6440-1.6470 offered a bearish entry a week ago. Our initial targets were hit around demand zone at 1.6250.
The long-term view remains bullish as long as the bulls are defending the newly established demand zone around 1.6250.
On Tuesday, we mentioned Price Zone 1.6235-1.6250 as a considerable Demand zone for the cable. It did not take a long time to offer a valid BUY entry on Wednesday, our target level around 1.6400 was reached on the next day.
On the depicted chart, we can also see some bearish rejection expressed at retesting of the upper limit of the "expanding wedge pattern". This offers a SELL signal with SL as daily closure above 1.6400. Our initial targets should be located at 1.6300, 1.6250 and possibly further lower targets.
We need to see early breakdown of 1.6300. Otherwise, bullish tendency to breakthrough the upper limit of the bearish 4H channel will be enhanced, this may threaten our SELL position so we should take care.
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