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GBP/USD nearing a crucial level, watch out
Been watching $GBPUSD closely today and it's starting to look interesting around the 0.813 level. We've seen a pretty consistent bounce there recently, suggesting some underlying demand, but the daily range has been quite compressed. If we break below 0.813 with conviction, I'd consider that a significant invalidation of this short-term support and we could see a quick move lower, possibly towards the 0.810 area. Conversely, a strong rejection off this level could signal a re-test of the 0.820 region.
1 comments · 1 points
Ah, the ever-elusive 'crucial level.' It's almost as if the market has a personal vendetta against anyone drawing a line on a chart. Good luck with the bounce, or the quick move lower, whichever decides to grace us with its presence.