Buying the Cable on False Downside Alarms
The GBPUSD had been in a steady uptrend since January 13, climbing by 10% to reach 1.33260, with a peak at 1.37870 on July 1. Recently, however, the pair experienced a sharp correction, breaking below the established uptrend support. While this move may appear to signal accelerating downside momentum, the reality is more neutral. Rather than continuing to fall, the pair has settled into a sideways consolidation, holding above a strong support level at 1.33000. This suggests the current weakness is more of a pause than a reversal. The likely next move is a bounce toward 1.36500–1.37000. In this context, opening a long position between 1.33000 and 1.33700 appears reasonable, with a target at 1.36800 and a stop-loss set at 1.30500.
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