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London Bridge is going to fall – GBP/USD

London Bridge is going to fall – GBP/USD
Wednesday, July 16th, 2014 @ 7:28 pm 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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GBP/USD Daily chart

GBP/USD Daily chart

Bad news for London traders. Trend is bullish in daily chart of GBP/USD currency pair. Price just keep printing higher swing highs and higher swing lows. So far so good! However; how long this uptrend is going to last? This the main concern of Great British pound buyers. Vital support could be seen at 1.6685 price level. In daily time frame, Bearish divergence is visible with standard MACD settings. This means, the upside momentum is waning and price of GBP/USD currency pair is probably going to plunge in coming trading days. A break down in price below 1.6685 support level is going to kick start the drop and probably brings back an increase in average daily trading range.

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