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GBPUSD - False break of up-trend resistance


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GBPUSD is forming a strong uptrend. The news on Wednesday had a positive effect on the currency pair and thus the British pound was able to strengthen.

TA on high timeframe:
1) A prolonged uptrend, but not as active. An accumulation is forming, but at the same time the price is at multi-month highs.
2) There is a strong support base of 1.24500 for the price on the high timeframe, if the buyers hold this area, the pound will continue its course.

TA on the low timeframe:
1) An upward price channel is forming, the price is essentially squeezed in a range
2) False break of the resistance at 1.25837, which forms a technical pullback.
3) If the price fails to break the resistance on the retest, it will continue its way to the support at 1.24537

Key resistance 1.25840
Key support 1.25500, 1. 24500

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Risk event for the week starting 8 May: GBP/USD around UK rates

Risk event for the week starting 8 May: GBP/USD around UK rates
 
The Bank of England is widely expected to raise base lending rates by a quarter point to 4.5%, but how do we trade this? Warren Venketas, currency analyst at Daily FX, joins IGTV’s Jeremy Naylor to look at how to trade what looks like an exhaustion in the recent rally in sterling against the dollar.

 

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