Even though the pound sterling ended yesterday’s trading day virtually unchanged against the U.S. dollar, we got what we have been looking for before prices pulled back: A short-term price breakout with a profit target that was exactly filled.
In our morning analysis from October 26, we wrote “GBP/USD Time for a break-out? The cable traded in a narrow range recently which is why we now prepare for upcoming price breakouts. A renewed break above 1.3775 could spur bullish momentum towards 1.38 and possibly even 1.3830.
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