FxWirePro: GBP/USD moves to test key trend line to start the week
Friday’s support wasn’t enough. Last week, on Friday, the rising trend-line that has been in place since the last two weeks, provided support to the pound bulls around 1.32 area. However, that doesn’t seem to be enough a…
Last week, on Friday, the rising trend-line that has been in place since the last two weeks, provided support to the pound bulls around 1.32 area.
However, that doesn’t seem to be enough as the pound bulls failed to clear the resistance around 1.33 area, amid Brexit confusions, and heads for another test of the trend-line.
If it breaks,
A break of the trend line would open the possibility of a bigger decline in GBP/USD, which might move to test another but far more important trend-line around 1.3 area, which has been in place since last December and acted as crucial support for the pound bulls.
But, expect strong buying around 1.32 area, even if the trend-line breaks.
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