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GBP/USD: Range Trading Off 8-Month High

GBP/USD: Range Trading Off 8-Month High

GBP/USD continues to trade in a relatively tight range just above the 1.6000 psychological level after coming off the eight-month high of 1.6161 that was established just one week ago. This range represents a pullback/consolidation within the context of the steep bullish trend that has been in place since the double-bottom reversal from the 1.4800 price region in July. Since the noted eight-month high was reached mid-week last week, the pair has fluctuated within a flag/pennant-like pattern consolidation between 1.6150 resistance and 1.6000-area support, and appears to be building up for a potential breakout.If it is a true flag/pennant pattern, the bias is toward a trend continuation to the upside on a pattern breakout, which would have a primary price objective around the major 1.6300 resistance region. In contrast, an extension of the current pullback would be indicated on a substantial breakdown below 1.6000, which could drop price back down toward key support around the current uptrend support line and the 1.5750-1.5825 support zone.

GBP/USD: Daily” width=”530″ height=”285″ />Disclosure: FX Solutions assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.

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