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GBPUSD : Following Descending Channel

GBPUSD has recovered from the lows at 1.6473 and reached a level where the pair may again begin to fall. The 50 day SMA may also provide the resistance to the pair or it may move up to the resistance trend line of the downward sloping channel. The confirmation can be seen on the stochastic oscillator when the signal trend line will cross the moving average trend line to move below it.