Forex forecast / GBP/USD / Our expectation:
Opportunity for long positions with the trend after return of the price above key horizontal level. An upward trend and a correction to 23.6 Fibonacci. Price over structural horizontal support 1.3265. The SMA50 / 200 in a bullish formation reinforces the likelihood of a new upward movement. The long lower shadow of the front bar gives a signal of a strong positive sentiment for the cross pair. DeM (14) has reversed below 0.3 in a oversold zone and is now above 0.3 - a positive signal. SL at levels 1.3215.
Alternative scenario: If the price breaks below 1.3265 this will negate the positive scenario and perhaps the price will go to test the diagonal support.
Trader Nikolay Georgiev
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