17 Jan GBPUSD Forex Technical Analysis , Forex Signals 2022
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Technical analysis of the pound on the higher time frame. We have a fairly wide trading range. If the price is flat, then it will move from the upper border to the lower one for a long time and vice versa. Now we see that a rollback is forming from the middle of the range to the upper border. A false breakdown of the upper limit was made earlier.
Prerequisites for price reduction:
1. The global trend is falling, the local trend is also falling after a false breakdown of resistance
2. The price has not yet tested the support level (lower limit of the range) when two trends coincide
3. When retesting the resistance, the price failed to reach the previously formed level of 1.434, which indicates the pressure of sellers.
The potential of the currency pair is quite huge. In the medium term, I expect the price to fall to support 1.315 from resistance 1.3837 .
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