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Pound/Dollar: Expected Movement in Sideways Channel


In the review on the European session I expected a fall of the GBP/USD to 1.5325. It fell to 1.5434 and only today reached 1.5326. A sideways channel has formed. Taking into account that the ECB is to convene tomorrow and Mark Carney will speak today, I’ve gone for a fall of the pound to the lower limit of the channel at 1.5414 and then a return to 1.5475. Be prepared for the GBPUSD going lower than 1.5414.


The pound/dollar has been forming a long-shaded candle for four days now. It’s worth paying attention to the candle combination since the GBPUSD could shift itself very quickly to 1.5350/60.


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