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GBP/USD: Bullish Continuation or Reversal?
Today, GBP/USD continues its upward trend and is trading around 1.312 by the end of the session. Overall, the pair is approaching a key support level, and the EMA 34 and EMA 89 lines have not yet reversed, indicating that bullish momentum may still be in play. The recent price pullback seems more like a test rather than a confirmed reversal.
However, we must not rule out the possibility of breaking support, especially if the Head and Shoulders pattern completes as projected. The 1.3261 resistance level is currently being actively defended by sellers. Should a break occur, GBP/USD will present a profitable opportunity for short sellers, with the price potentially heading towards the lower boundary of the ascending channel once again.
This is a critical moment to closely monitor the market. Whether it's a continuation of the uptrend or a support break, make sure you're ready for both scenarios.
Good luck with your trading!
However, we must not rule out the possibility of breaking support, especially if the Head and Shoulders pattern completes as projected. The 1.3261 resistance level is currently being actively defended by sellers. Should a break occur, GBP/USD will present a profitable opportunity for short sellers, with the price potentially heading towards the lower boundary of the ascending channel once again.
This is a critical moment to closely monitor the market. Whether it's a continuation of the uptrend or a support break, make sure you're ready for both scenarios.
Good luck with your trading!
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