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GBPUSD, a combination of indicators gives an extremely strong bull signal

Forex GBPUSD Technical Analysis Our expectations:

Long-term upward trend and medium-term correction. False breakthrough of main horizontal support. Followed by rebound and price action for reverse. There is no closed bars below the main diagonal.

Price Action: Bullish Engulfing Pattern at support zone.

Indicators:
Correction to 50% Fibonacci, the price rebound upwards.
Sequential gives green 9 and yellow 13 reversal combined with a DeMarker turns above 0.3, an extremely loud reversal signal.
Death cross of 50 and 200SMA gives a mismatch with the other indicators!

SL: 1.31

Alternative scenario: Confirmed breakthrough of the main diagonal may trigger many short positions, which would result in a sharp decrease and a new bottom at the cross.


 Trader Georgi Bozhidarov


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