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GBPUSD – Knockin on Major Resistance, But…
Stuck in an 80 pip range for the last 7 days, the GBPUSD has formed two pin bars off the key resistance at 1.6840 that we’ve been talking about in the members commentary lately. Hanging at the upper levels suggest bulls are crimping the bears out of the market, and will attempt to push for a breakout, especially since the last pin bar was smaller than the first.
Bears wanting to short should wait for a small corrective push up to 1.6840, while bears will need to wait till a small pullback towards 1.6670/6700, or a breakout pullback above 1.6840 before getting long. Keep in mind we have the Nov. 09′ resistance at …... Keep reading