The pair GBPUSD is in consolidation region and almost ready to establish yearly high for 2014. The chart below says that yearly high consolidation zone is between 1.6740 and 1.7035. Up to now, the pair failed to test 1.7035 and this doesn't mean that in the coming weeks 1.7035 will not be tested. we will use 1.7035 level as a reference to control our stoploss. It will also serve as for the continuation of existing uptrend.
Meanwhile a break below 1.6740 would increase the probability that yearly…
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