GBP/USD reversed from support area

GBP/USD reversed from support area

  • GBP/USD reversed from support area
  • Next buy target - 1.3550

GBP/USD today reversed up strongly from the support area lying between the support level 1.3310 (former upper boundary of the sideways price channel from October) and the 50% Fibonacci correction of the previous sharp upward impulse 1 from the start of November. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Morning Star. GBP/USD is expected to rise to the next buy target at the next resistance level 1.3550 (top of the impulse wave 1).




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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