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GBP in a critical condition

By:
Tomasz Wiśniewski
Published: Sep 4, 2018, 09:22 UTC

GBPUSD extends the losses but no surprise here as the bearish setup is very technical. The price bounced from the long-term resistance on the 1.303 and

GBP

GBPUSD extends the losses but no surprise here as the bearish setup is very technical. The price bounced from the long-term resistance on the 1.303 and from the mid-term down trendline. What is more, we broke the lower line of the flag and the horizontal support on the 1.293. All that together gives us a strong sell signal.

Yesterday, EURAUD created a doji on the daily chart and on the H1 chart, we got a head and shoulders pattern. That was a great signal to take some profits from the huge upswing. Was, because it is not anymore. After initial downswing, now, the price is ignoring the resistance and is climbing vastly higher making new daily highs.

GBPJPY has a great sell signal after bouncing from a combination of four strong resistances. Currently, we may experience a small upswing but the long-term sentiment is definitely negative.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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