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Horizontal Resistance-Region Confines GBPCHF Recovery

7 September 2017 01:20 PM BDT
Horizontal Resistance-Region Confines GBPCHF Recovery

Although an immediate ascending trend channel favors GBPCHF's up move, pair's repeated failures to surpass the 1.2500 10 horizontal area indicates brighter chances of its pullback to 1.2420 nearby support before testing the channel's lower line of 1.2395. Should the selling pressure fetch prices below 1.2395, the 1.2360 and the 1.2340 are likely following supports to entertain traders ahead of offering them the 1.2285, the 1.2260 and the 1.2215 20 consecutive rest points. In case of the pair's additional downside after 1.2215, it becomes vulnerable to plunge towards 61.8% FE level of 1.2120.

On the contrast, a clear break of 1.2510 could further escalate the pair's recovery in direction to channel resistance figure of 1.2605, which if surpassed might help buyers to aim for 1.2650 and the 1.2700. Moreover, pair's successful trading beyond 1.2700 opens the door for its northward trajectory targeting the 1.2750, the 1.2800 and the 1.2855 resistance levels.

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