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Overview:
On July 15, an extensive bearish impulse was initiated. Since then, the GBP/USD pair has been moving downwards below the depicted downtrend line.
Many bearish impulses were previously initiated around 1.7180, 1.6630 and 1.6400 where the downtrend line came to meet the pair then.
The price zone of 1.6140 - 1.6100 constituted a weekly support that paused the bearish movement on September 9 despite the bears quickly pushed below the price level of 1.6060.
Retracement towards the price zone of 1.6400 took place as expected where a new bearish impulse was applied as anticipated.
As suggested, price level of 1.5890 provided evident bullish recovery. A bullish engulfing daily candlestick emerged.
Today, the bulls are pushing towards the downtrend line (price zone of 1.6090-1.6120) where another bearish swing is anticipated to be initiated.
On the other hand, bullish breakout will liberate a strong bullish swing towards 1.6260 initially.
Trading recommendations:
A SELL entry can be taken off 1.6120 - 1.6140. Stop Loss should be set as daily closure above 1.6200.
Initial target is located at 1.5890 where further price action should be watched.
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