The GBPUSD has dipped to an all time support level at 1.4812.
The 1.4812 major support level has held market price above it since as far back as 1992 till date!
This level was tested in February 1993, September 2000, December 2008 and may 2010. At each of these tests, the 1.4812 major support level had held, and bounced priced back into rallies going as high as 2500 pips (with a high of 1.7376, in October 1998); 6349 pips (with a high of 2.1161, in November 2007); 2226 pips (with a high of 1.7038, in august 2009); and 1933 pips (with a high of 1.6745 in April 2004).
The monthly market chart is currently forming a tweezer bottow at the 1.4812 major support level, which is a popular bullish candlestick formation.
Upon completion of bullish candlestick formation, market is expected to take out current monthly resistance level at 1.6400 and rally to the second monthly resistance level at 1.6800.
Current downward trend had been limited by the 1.4812 major support level.
Market is expected to turn bullish and stay bullish with a minimum rally of 1600 pips.
IMOH, Clement I.
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