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Is breaking 1.30 level last week in a pound and back above, indicates a false break or is it just the beginning ?


The Pound cross down 1.3020 level but recover and continues to keep prices above the 1.30 level, last week the sterling went down till 1.2920 price level and closed the week gaining above 1.30on 1.3117 ,Reuters posted a piece regarding comments from an unnamed EU diplomat saying that the EU and Britain are very close to reaching a Brexit deal-GBP/USD jumped higher as a result for that,  will it be a false break or just a small correction before continuing to lows levels

GBP USD charts 

GBP USD Technical analysis
 Long-term chart is showing to us that As long as GBP USD will stay below 1.3920+_ Key support the trend is down Below 1.3130 price area, it could bring larger down trend resumption, while we have first to meet 1.3020. On the downside, break of 1.2840 support will indicate short-term topping. If it will fail to stay above the level, it will be turned back to the downside for 1.2640 support current and below
Short-term chart as a long as GBP USD will trade above 1.3020 the next resistance will stay on  1.3210_, those are the areas for topping correction after the long decline from 1.4360 -However a daily break of 1.3460 would bring stronger rebound to 61.8% retracement at 1.3920+_, I believe that the pound will not succeed in breaching the 1.3460 level _ and the probability of further declines is higher than the breach of resistance Overall, I'm expecting a reversal in the 1.3320-1.3460 area

If we will look at the charts we can see the resistance red line strip!

pound dollar analysis
pound dollar analysis

This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice

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