Wednesday, 28 January 2015





GBP/USD formed a doji candlestick in the daily filter chart right above the support at 1.5000 and began climbing. I think this is the beginning of a more long-term correction, because 1.5000 is a very serious support level, visible in the monthly filter chart as well. Not to mention that the pair has been in a consolidation for the past six years and that 1.5000 is the lower limit of the aforementioned consolidation. The question is whether the pair will be able to break below that level eventually or will the trend become bullish instead.

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