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21.10.2021 09:24 PM
GBP/USD new upside movement in cards

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GBP/USD temporary decline

The GBP/USD pair was falling at the time of writing after reaching the up channel's upside line. This line was seen as an upside obstacle, so a temporary decline was natural. It could still increase as long as it stays within the channel's body, above the uptrend line.

1.3756 low and 1.3747 high are seen as potential downside obstacles. So, the GBP/USD could drop towards these levels where it may find a strong demand zone. Personally, I'll look for new buying opportunities around this area.

GBP/USD outlook

The pair could drop a little before jumping higher towards fresh new highs. As long as it stays above the uptrend line, the GBP/USD could jump higher. 1.3902 higher high is seen as an upside target if the rate resumes its growth.

Only dropping below the uptrend line, escaping from the ascending channel's body may invalidate an upside continuation.

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