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Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
GBP/JPY: 'Double Top' pattern
Information is not investment advice
Bulls faced resistance at 148.867, so there's a 'Double Top' pattern. At the same time, it's likely that there's a developing 'Pennant' pattern. If so, the price is going to test the nearest support at 147.009 - 145.595. The subsequent pullback from these levels could lead to another bullish rally towards the next resistance at 148.562 - 148.867.
Sergey Logachev
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