GBP/USD: 4-hour
Let’s start off with a simple break-and-retest setup on Cable. The pair made a pretty strong bounce off its recent lows and zoomed up above the 1.5000 major psychological level. Price retreated quickly upon testing the Fibs, which might continue to hold as resistance. In fact, the 38.2% Fibonacci retracement level lines up with a broken support area and might keep further gains in check. Stochastic is climbing out of the oversold area though, hinting that pound bulls are still in control.
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