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GBPUSD
The bulls are in control here on both the daily and weekly timeframe however their dominance is coming under threat as it appears the bears are sharpening their claws. Since the bulls took the upper daily BAT resistance level of 1.6554 they have really failed to make any progress and even produced a breakout failure. We are currently hovering right around the 60 day SMA and the 55 week EMA and should these levels be taken to a close I fear for the bulls. So far the Bulls are holding above the 60 day SMA and the 55 week EMA and while they do I am happy to look for opportunities to go long.
I will look for opportunities for long positions while we remain above the 60 day SMA and 55 week EMA
Cheers
Foggytrader