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FxWirePro: GBP/USD faces channel resistance around 1.4420, good to sell on rallies

  • Pattern formed- Channel pattern
     
  • Major resistance - 1.4420 (trend line joining 1.43626 and 1.4407)
     
  • Major support -1.4260 (trend line joining 1.4079 and 1.4170)
     
  • The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
     
  • On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
     
  • Cable is facing short term support around 1.4350 and break below will drag the pair further down till 1.4300/1.4270/1.4250 level.

 It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420 for the TP of 1.4270.

 

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