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    GBP/USD: pulling-back down to lower channel-line

       
    The GBP/USD pair has pulled-back from its recent highs, and fallen to the lower channel-line of a rising channel, and a level of support and resistance.

    From here there is a possibility of a recovery higher and a move back up towards the 1.5710s where the R1 monthly pivot is situated. The pair has risen in a strong short-term up-trend after forming a low in early March.

    Alternatively there is also the possibility of a breakdown out of the channel. This would be confirmed by a move below 1.5362 and a target calculated from the extrapolation of the height of the channel lower by 61.8% lower.
    GBPUSD20

       
    The GBP/USD pair has pulled-back from its recent highs, and fallen to the lower channel-line of a rising channel, and a level of support and resistance.

    From here there is a possibility of a recovery higher and a move back up towards the 1.5710s where the R1 monthly pivot is situated. The pair has risen in a strong short-term up-trend after forming a low in early March.

    Alternatively there is also the possibility of a breakdown out of the channel. This would be confirmed by a move below 1.5362 and a target calculated from the extrapolation of the height of the channel lower by 61.8% lower.
    GBPUSD20


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