GBP/USD Classical Technical Report 01.12
GBP/USD:The market has mostly been locked in some sideways chop over the past few weeks with any rallies very well capped ahead of 1.5800 and setbacks supported ahead of 1.5270. However, the latest breakdown below 1.5400 now opens the door for a break of the key October lows at 1.5270, below which will open a fresh downside extension back under 1.5000. Rallies should therefore now be well capped ahead of 1.5600.
--- Written by Joel Kruger, Technical Currency Strategist
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