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28.08.201915:28 Forex Analysis & Reviews: GBP/USD 08.27.2019 -SStrong downward movementum, watch for selling the rally

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GBP price did drop in early morning session all the way to test the level of 1.2160. The momentum was very strong on the last down swing, which is sign that at least there can be re-test of the low at 1.2161.

Exchange Rates 28.08.2019 analysis

Brown diagonal trend line– Important Support became resistance

Blue rectangle – Support 1

Silver rectangle– Support 2

MACD oscillator is showing good new momentum down in the background and I do expect at least another movement lower. Key support is at 1.2161 and resistance at 1.2335.. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Additionally, I found intraday symmetrical triangle in creation, which is sign for potential continuation of the down movement. As long as the GBP is trading below the 1.2270, there is potential for more downside...

Petar Jacimovic
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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