GBP/USD: 1-hour
Now here’s a sweet break-and-retest situation about to play out on GBP/USD’s 1-hour forex chart. The pair just recently broke below support around the 1.4750 minor psychological level and dipped to a low of 1.4580 before showing signs of a retracement. Using the handy dandy Fib tool on the latest swing high and low reveals that the 50% retracement level is right smack in line with the broken support. Stochastic is already indicating overbought conditions though, which means that pound bears are eager to let the selloff resume.
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