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GBP/USD Forecast: Possible inverted head and shoulder on hourly chart

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The GBP/USD pair rose to a high of 1.5322 on Thursday and extended gains to its 200-DMA at 1.5335 in Asia today. A slightly weaker than expected US Q3 GDP print led to a spike in the GBP/USD pair. Moreover, the pair repeatedly found support at 1.5248 (50% of Apr-June rally) and eventually made its way higher during the NY session. Focus on GBP crosses and US data The GBP/JPY and EUR/GBP cross could influence the cable today. The GBP/JPY pair dipped to a low of 184.30 after the Bank of Japan

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