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BP/USD Technical Strategy: Longs Preferred
Morning Starsuggests potential for further gains
Bearish patterns remain absent on the daily
GBP/USD’s promises a further push higher following a Morning Star formation on the daily. With current levels not witnessed since 2008, definitive areas of resistance are not easily identifiable. This suggests traders may defer to psychologically-significant handles to look at taking profits and puts 1.7200 on the radar.
Drilling down to the four hour chart; a Dark Cloud Cover pattern had
hinted at a reversal in intraday trade, yet failed to find
follow-through. This suggests the bulls remain in control and creates
doubt over a potential pullback.