Cabana Capitals Blog Technical Analysis Either a rebound or a breakout imminent on GBPUSD

Either a rebound or a breakout imminent on GBPUSD

Either a rebound or a breakout imminent on GBPUSD post thumbnail image

GBPUSD is about to retest a key horizontal support level near 1.2707. It has tested this level 4 times in the recent past and could simply bounce off like it did last time. However, after this many tries, maybe it’s ready to start a new trend.

Supported by Downward sloping Moving Average

Target: 1.2707 Entry: 1.2744 Stop: 1.2777

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