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GBPUSD Buyers Challenge 1.2100 Resistance
GBPUSD is rebounding today following Friday’s break below 1.2110 support. That area had served as support since the pair tested it on August 1st. It’s no surprise then to see that today’s high (so far) is 1.2106. Given that this 1.2100/10 area previously served as support, any retest of it as new resistance is going to attract sellers. The question is, will it continue to hold or does GBPUSD need to correct higher? Nobody knows for sure, but the descending channel in the chart below makes me less confident about selling GBPUSD down here. Channel support near 1.2000 also makes it more difficult to achieve a ... (full story)
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