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GBPUSD: Risks still to the upside

Hi there traders, this is Steve Miley on behalf of forextraders.com and we’re taking a look here at the pound verses the U.S. dollar technical outlook on the short term basis.

Well the risks remain to the upside in here for cable pound US dollar in here.

The market surging higher yesterday having had a slight dip and a rebound to produce a bullish outside daily pattern – that’s a bullish daily technical pattern having previously already overcome this important peak in here from August at 1.2310 and reversed this longer term down-trend line in here that comes from May of this year.

All of that signalling a basing bottoming pattern and leaving risks to the upside. We’ve had a slight dip lower in here overnight with the market really aiming higher again we feel going into today, going into this week.

Short term up through 1.2385 towards 1.2456.

Going into this week there’s a real challenge to 1.2518 above which we’d see intermediate term outlook to shift to the more positive.

On the downside, only back down below 1.2298 shifts the tone to slightly more negative for today.

Join us again next time on forextraders.com. and if you’ve got any questions do feel free to post them.

This has been Steve Miley wishing you a great trading day.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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