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Look for sell orders below the support trendline.

Look for sell orders below the support trendline. | 02 August 2019

02 August 2019, GBP/USD

Look for sell orders below the support trendline.

Technical Observation

GBPUSD is currently trading with an increasing bearish bias momentum. While the price is contained within the contracting wedge formation, we're looking for long term sell orders. Ideally, I'm waiting for a bounce from the upper trendline to look for long term sell orders towards 1.20725 or even lower. As it is, only sell positions looks much better and can be advised. But in case price breaks above the upper trendline, then this will be an ideal place to look for long term buy orders towards 1.22450.

Trade Signal

Look for sell orders below the support trendline.

Imelda Maseno
Analyst of «FreshForex» company
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