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    GBP/USD: bounce expected to extend higher

       
    Cable has fallen steeply to the 200-day MA in the 1.5320s, and finding support there, has bounced.
    On the daily chart it formed a shooting star on Friday – now I expect the bias to be for an extension of the correction.

    The pair has formed what appears like an incomplete inverted H&S which may lead to a break higher, if the exchange rate rises above the neckline at 1.5442, with a target at 1.5500.
    GBPUSD31

       
    Cable has fallen steeply to the 200-day MA in the 1.5320s, and finding support there, has bounced.
    On the daily chart it formed a shooting star on Friday – now I expect the bias to be for an extension of the correction.

    The pair has formed what appears like an incomplete inverted H&S which may lead to a break higher, if the exchange rate rises above the neckline at 1.5442, with a target at 1.5500.
    GBPUSD31


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