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GBP/USD Getting Ready for a Bearish Breakout
In the 4H GBP/USD chart, we can see the pair in a consolidation range since mid-November roughly between 1.5825 and 1.5541. It has been a messy, choppy month of price action within the consolidation, but as we get into the end of this week, the GBP/USD looks pressured and poised threaten the range support for a bearish breakout. Post FOMC Reaction: The 4H chart shows that this week, price fell after the FOMC statement, but this bearish attempt failed to break below the 1.5541 low. Then, yesterday (12/18), we had a rebound that brought price back towards the 1.5680 area. This was round the middle of the consolidation ... (full story)
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