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Trading View on GBPUSD

Friday, October 20, 2017 11:56 AM GMT

The Cable is effectively following 21 EMA on the weekly TF. It has already tested it three times and the EMA still holds. Therefore, traders may have decent buying trade setups on future retracements too. Reviewing the daily TF, GBPUSD bounced on the trendline (TL1) and recovers yesterday’s losses. However, the confluence of resistances with 21 EMA and trendline (TL2) may give intraday selling opportunities to traders. Heading to the hourly TF, we have noted a declining channel (CH1) which indicates an additional resistance for the pair. In the meanwhile, the major swing high (SWH1) is at 1.322, which needs to be violated to negate the negative intraday outlook. The 200 SMA is near this area too. We have noted few potential trading scenarios on the hourly TF.




(EMA = Exponential Moving Average, SMA= Simple Moving Average
5EMA=Blue, 21EMA=White, 200SMA= Yellow)

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