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orvilleawright

GBPUSD (4H) price bounces off the 161.8% extension

Paun British / Dolar A.S. (FX:GBPUSD)  
orvilleawright  
FX:GBPUSD   Paun British / Dolar A.S.
GBPUSD orvillewright 4hours support Support and Resistance price-action structure-trade
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gbpusd orvillewright 4hours support supportandresistance price-action structure-trade
On the GBPUSD (4H) chart, price is trading close to the low of the bear channel after bouncing off the 161.8% (at 1.2690x) extension of a prior swing low. Since we are currently trading below the range lows, I would expect this area to act as resistance. The market is over extended and there is significant separation between price and the 50 SMA as well as the 20 SMA. Expect some ratracement back to those moving averages was well as the top of the bear channel.
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Idea Berkaitan

orvilleawright
GBPUSD (Daily) price broke the low of the trading range
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