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2/19/2016 4:43:26 AM

GBPUSD breaks through a negative pattern's support - Technical Analysis - 19-02-2016



GBPUSD dipped in the short term after rising previously to correct the main downward medium-term trend, forming a negative technical pattern that is contradictory to that correctional trend, the Broadening Wedge pattern, which led the pair lower, breaching the support of that pattern as shown in the attached chart, with the pair putting itself under the mercy of that negative pattern, especially as it moved through the SMA50, with an influx of negative signals from relative power indicators.

Therefore we expect more tumbles for the pair, especially if it broke through the support of 1.4255, targeting thereafter the pivotal support of 1.4080.


Target
Risk


Support
Resistance


Trend Bearish

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