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GBP/USD: consolidating on R1 monthly pivot

   
The very short-term trend is down, with two lower highs and lower lows on the 4-hr chart, and a temporary break below the R1 monthly pivot.

Another major obstacle standing in the way of more downside is the 50-week MA at 1.5684, and I would want to see a clear break below that, including a 20-point margin – so below 1.5664 – for confirmation of a continuation lower, to a target at 1.5575.

Alternatively a break above the 1.5769 highs, would probably confirm a rotation higher and resumption of the mini-up-trend, with a target at 1.5800.

GBPUSD26

   
The very short-term trend is down, with two lower highs and lower lows on the 4-hr chart, and a temporary break below the R1 monthly pivot.

Another major obstacle standing in the way of more downside is the 50-week MA at 1.5684, and I would want to see a clear break below that, including a 20-point margin – so below 1.5664 – for confirmation of a continuation lower, to a target at 1.5575.

Alternatively a break above the 1.5769 highs, would probably confirm a rotation higher and resumption of the mini-up-trend, with a target at 1.5800.

GBPUSD26



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