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Forex technical analysis: GBPUSD sellers remain in control

Discussion in 'Technical Analysis' started by ForexLive, Oct 3, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Trades above and below the August lows As well documented, the GBPUSD is down on Article 50 chatter. That got the ball rolling from the start. Technically, the pair moved below trend line support on the daily chart, and even made it below the August low of 1.28648. The UK PMI data (55.4 vs 52.1) helped the pair rise above that level (see 5-minute chart below), and there has been an effort to stay above. However, that correction has stayed below the 50% retracement level (of the days trading range) keeping the sellers more in control. Over the last hour the price action has been above and below that line. We currently trade just below the level.

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