GBPUSD makes multiple tests of important support trend line

GBPUSD has challenged for the 5th time the support trend line connecting the lows from 1.2768. As long as price is above this trend line we could see a move higher…however price bounces off that trend line but does not manage to make a higher high.

Green line – support

GBPUSD has respected this green trend line as shown in the chart above. However after each bounce, price made a lower high.. Is this a triangle formation or a Head and shoulders formation. One thing is for sure. If price breaks below the recent lows and the green trend line support, we could see a nice sell off towards 1.27. On the other hand if price breaks above the recent high at 1.3175, we could have another try towards 1.33-1.34.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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