The breakout of the flag stressed yesterday (GBPUSD - Breakout Almost after consolidation) occurred and you expect continuation of this scheme bullish, he came to the upside.
rally after the escape was very strong, lose no time in breaking beyond the last Thursday of vertices in a new uptrend (higher high after completed lower Friday). Another potential sticking point would be from 1.55 to 50% retracement of the move from 14 May to January high low in June -. But the pair, despite the slowdown seems to have broken that both
With these broken levels, I think we could see the simple moving average 233-day retested following the escape attempt failed may 14
the pair may face resistance along the way around 1.5570 to 1.56. - 61.8 fib level and previous support and resistance - but I'm not convinced that they will hold. I'll be looking for signs of that in the form of differences and flipping game ups in price action
If we see a correction, pair may find support around 1.5450. -1.55 That they are supporting and previous resistance levels.
net positionOANDA customer followed the price during the last month or two steps fairly well and once they have become net long during the last escape. They were slightly less optimistic today but which may suggest they do not believe the rally has legs.
* The tools above and many others can be found in OANDA Forex Labs.
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