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GBPUSD Forex Analysis for June 10th 2019

GBPUSD Forex Analysis for June 10th 2019
Monday, June 10th, 2019 @ 6:57 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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Bearish collapse in price action could be seen in Friday’s trading session to a fresh new low in GBPUSD 15 minutes chart. An upside retracement in price action should be consider as a good opportunity to sell the rally, which is probably a good idea to do in a down trending market environment. It looks quite obvious that sellers are in control of the market and aggressive selling could slide the market even below 1.2690 target region.

 

A strong rejection of key resistance at 1.2725 price level has been detected. However; a clear bullish break out above 1.2725 key resistance level would neutralize the near term bearish trend. In this case, I would prefer to stay out of the market and re-analyze the price action.

GBPUSD Forex Analysis

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