JohnnyPurtoy98
Long

GBPUSD retracement looking likely

FX:GBPUSD   British Pound / U.S. Dollar
This pair has broken out the support of the bullish channel , as the price gets closer and closer to a previous resistance level which is now acting as a support level it is losing momentum. I think that the price would retrace to the 0.382 level on the Fibonacci retracement , this means that the price is going to return to the original neckline of the double top that was formed inside the bullish channel . After this retracement I believe the pound would start to once again fall in value. The RSI is also in a position of being oversold meaning that the RSI is also in favpur of a bullish retracement. I would keep everyone updated on anything I find in this currency pair.
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