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    GBP/USD: sharp rise within overall down-trend

       
    Cable paused in its down-trend and formed a double-bottom reversal pattern which then started rising up yesterday after reports of a breakthrough in negotiations between the Greek government and its creditors.

    The sharp momentum of the spike higher, appears to favour more upside, particularly if the rumours a deal could be done come true.

    Nevertheless, a cluster of resistance, including a major trend-line and the 50-day MA is capping gains and the overall short-term trend is still down, so therefore I would want to see a clear breach of 1.5626 to confirm more upside, probably resulting in a move up to the next target at 1.5700.

    Alternatively the down-trend could simply go resume and move lower, although I would want to see a move below 1.5277, including 20 points – so below 1.5257 for confirmation, and a target at 1.5200 initially.
    GBPUSD10b

       
    Cable paused in its down-trend and formed a double-bottom reversal pattern which then started rising up yesterday after reports of a breakthrough in negotiations between the Greek government and its creditors.

    The sharp momentum of the spike higher, appears to favour more upside, particularly if the rumours a deal could be done come true.

    Nevertheless, a cluster of resistance, including a major trend-line and the 50-day MA is capping gains and the overall short-term trend is still down, so therefore I would want to see a clear breach of 1.5626 to confirm more upside, probably resulting in a move up to the next target at 1.5700.

    Alternatively the down-trend could simply go resume and move lower, although I would want to see a move below 1.5277, including 20 points – so below 1.5257 for confirmation, and a target at 1.5200 initially.
    GBPUSD10b


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