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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - Valeria Bednarik, Chief Analyst at FXstreet.com notes that GBP/USD trades at fresh 4-week lows as dollar gains strength, breaking trough 1.6350 now immediate resistance, and neckline of a H&S figure clear in the 4 hours chart.

Key Quotes

“In the shorter term, the hourly chart shows indicators retracing from their midlines and gaining bearish tone, while 20 SMA capped the upside since early European session, acting as dynamic resistance.”

“In the 4 hours chart price stands also below 200 EMA, a few pips above mentioned neckline, reinforcing the strength of the 1.6350 area as resistance: a pullback towards the level is possible, yet if price remains below it, the pair is exposed to extend its slide, eyeing now 1.6240/60 price zone.”

“Support levels: 1.6320 1.6285 1.6250. Resistance levels: 1.6355 1.6390 1.6435.”
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