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The EUR/USD pair follows within the lower border of the rising channel from trend lines No. 1, 2 and 3, where the 1.1790/1.1810 area naturally plays the role of interaction of trading forces, slowing down the decline and forming a rebound.
An attempt to break through the lower border of the channel was recorded twice in the market in the form of shadow punctures, but everything ended with a rebound. Thus, a natural bounce will play a major role in the market until the price consolidates below 1.1790.
Based on the data obtained on finding the quote and successive fluctuations, it can be concluded that the recommendations from the previous review are still considered relevant and should be followed.
Market development scenario:
First, the price movement is in the direction of the rising channel.
The rising channel continues its work, where consolidating the price above 1.1880 indicates buyers' desire to beat the side of the upper border of the channel. In this regard, buy deals will be considered above 1.1880, towards values 1.1920 - 1.1960 - 1.2000.
Second, the breakdown of the lower border of the rising channel.
As mentioned above, nothing lasts. So, it is worth considering the "breakout" scenario when a quote is near a particular border. In this case, price consolidation below 1.1780 (not a puncture by the shadows) will indicate a breakdown of line No. 1, which may lead to a further decline towards 1.1755-1.1700.
The GBP/USD currency pair, moving along a downward course, reached the forecasted value of 1.3200, where it found a variable pivot point and formed a pullback, while leaving a space for further actions.
We can assume that the downward interest is still felt in the market, and the recent pullback could become a regrouping of trading forces, which will lead to a further downturn. A trading recommendation to sell will be considered if the price is consolidated below 1.3175, towards 1.3100.
An alternative scenario of the market development considers the price fluctuation in the range of 1.3200/1.3270.
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