Since the beginning of the week a Golden Cross pattern triggered a classic buy signals and the GBPUSD increased with 110 pips. The area around 1.2770 however appears to be a resistance zone, as multiple tops were formed on the 30 mins charts. Often, there is a break out above the multiple tops, but the price needs to gain some momentum beforehand. In addition to this, we do expect some of the early buyers to sell and collect profits, which will possibly cause a short term correction. The 23% Fib was tested a few times and should the price dips again, it is possible to retest deeper support areas. We are looking at the 1.2720, as this level was a high top earlier. It also aligns with the critical 38% Fibonacci retracement, so should buyers are interested in going long in GBP/USD, this lower entry will present them with a better risk to reward.
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