26 Aug 2015

GBP/USD TESTING THE RISING CHANNEL SUPPORT











GBP/USD DAILY

After better than expected Durable Goods Orders, the rate has accelerated it's downfall and is now testing the lower boundary of the rising channel formation.

A break below the last infliction point at 1.5450 would indicate a resumption of the broader downtrend and further weakness towards the major psychological support at 1.5000 and the yearly lows around 1.4700.

My bias is now lower on the pair, however, a move back above 1.5800 would invalidate my immediate bearish bias for the pair.





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