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GBP/USD: marginal upside bias as strong short-term up-trend expected to extend

   
Cable has completed an a-b-c correction in a young but strong short-term up-trend, which started after the broader down-trend found support at the 1.5169 lows.

It will probably start moving higher in line with this trend, however, ideally I’d like to see a break above the monthly pivot and the 1.5440 highs before confirming an extension, with a target then at support and resistance at 1.5500.

Alternatively a move lower might also unfold if the pair breaks below the 1.5169 lows, which would provide confirmation of an extension down to 1.5088.
GBPUSD05b

   
Cable has completed an a-b-c correction in a young but strong short-term up-trend, which started after the broader down-trend found support at the 1.5169 lows.

It will probably start moving higher in line with this trend, however, ideally I’d like to see a break above the monthly pivot and the 1.5440 highs before confirming an extension, with a target then at support and resistance at 1.5500.

Alternatively a move lower might also unfold if the pair breaks below the 1.5169 lows, which would provide confirmation of an extension down to 1.5088.
GBPUSD05b



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