GBPUSD – Knocking on Key Resistance Zone
Although still in a medium term range, the pound is pushing up against a key resistance zone with two rejections off 1.5700 in the last few weeks and 3x since June. Although the pair has failed to close above 1.5720 since June, the pair has been building HLs (higher lows) with the last one showing a pin bar rejection off 1.5450. Bears can look for sell signals in this resistance zone with tight stops above, while bulls will need to wait towards 1.5450 and the pin bar lows before getting long. Another option for bulls is to wait for a daily close above the resistance zone before getting long.
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