GBP/USD: 4-hour
Is Cable ready to bounce? GBP/USD is already testing the rising trend line on its 4-hour forex chart while stochastic is starting to turn from the oversold region. In addition, the trend line lines up with the 50% Fibonacci retracement level and the 200 SMA, which makes it a pretty strong support area. The 100 SMA is above the 200 SMA anyway, indicating that the uptrend is likely to continue. If so, GBP/USD could climb to its previous highs at 1.5930 and beyond. However, if sellers take over, a break below the trend line and Fib levels would suggest that a downtrend is in the cards.
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