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GBP/USD: a U-turn at lower levels?
2021-01-22 • Updated
GBP/USD was above 1.37 a while ago, spent some time there, and went downwards. We were correct to expect that it would reverse the gains adn go down. 1.3650 seems to be the target for bears now. What will they do?
Primary scenario: the bearish wave will not exhaust itself until it goes through the support channel 1.3630 - 1.3650; after that, GBP/USD will get back up to 1.37 and beyond.
Secondary scenario: GBP/USD drops lower to 1.36 and takes much more time between 1.36 and 1.3650.
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
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