GBP/USD 4H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The cable has been highly volatile during the last two days, and mostly led by fundamental data. Hence, on Tuesday, the pair lost 136 pips after disappointing inflation data, while on Wednesday, it rebounded from previous drop, rising 123 pips, on the back of better-than-expected data from the U.K. labour market. Though technical indicators are mixed, in a shorter periods they are sending "buy" signals, suggesting the appreciation would continue. Moreover, 68% of pending orders in a 50 pips range, are placed to buy the pair, providing additional support for bulls, in case the uptrend would continue. Taking into account all previously mentioned, a retest of 1.60 and a 200-period SMA is expected.
© Dukascopy Bank SA

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