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The top pattern (1), a channel that completed in the GBPUSD daily chart a week ago, shows a prediction region (A) between 1.5860 and 1.6260 upwards of its resistance line (B). If we look at the bottom pattern (2), a channel from the M60 chart, we see a strong upwards trend in the short to medium term, reflecting the movement predicted in (1). The bottom pattern (2) is 204 candles long and has good quality, uniformity and clarity readings. Its support line (C) is moving towards 1.5960 and the resistance line (D) is progressing towards 1.6462, neatly falling within (1)’s prediction region. It remains to be seen how long the price will continue the upwards trend and if it will reach the apex of (1)’s prediction area (A) along the direction indicated by (2) before changing
direction.
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