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Dec 21, 2014

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Home » Technical Analysis » Daily » GBP/USD Surges on After ABC Correction

GBP/USD Surges on After ABC Correction

Forex Technical Update

Previous: GBP/USD Opens up 1.59 and 1.61 with Clearance of 1.5770 (1/31)


GBP/USD 2/1/2012

The GBP/USD fell in the 1/31 US session and then in the Asian session in an ABC manner. However the 1H chart shows that the decline was held above the 100 hour simple moving average as well as respect the rising trendline. RSI held above 40 reflecting maintenance of bullish momentum especially when it was brought back above 60. In the 2/1 European and now heading into the US session, the market is accelerating to the upside.

As discussed in the previous update, the move above 1.5770, as well as 1.58 opens up 1.59 and 1.61.

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Fan Yang CMT is the Chief Technical Strategist of IBTRADE and FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes and IBTrade will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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