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Thread: Technical analysis of GBP/USD By Instaforex

  1. #1
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    Default Daily analysis of GBP/USD for October 23, 2014 By Instaforex

    The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6051, because this pair has made a pullback near the 200 SMA it is likely that in the next few hours the GBP/USD will fall to the level of 1.6004, where this pair has to perform a breakout of the support level of 1.6004 to fall to the level of 1.5951. However, the GBP/USD could find strong support at current levels. The MACD indicator is entering negative territory.

    On the H1 chart, we can clearly see that this pair is trying to form a lower low pattern pro below the 200-day moving average, so the GBP/USD could make a breakout at the support level of 1.6031. If successful, it is expected to fall to the 1.5980 level in the short term. The GBP/USD remains below the resistance level of 1.6075.
    Technical analysis of GBP/USD By Instaforex-gbpusdh1-png

  2. #2
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    Default Technical analysis of GBP/USD By Instaforex

    Overview:
    The GBP/USD pair on December 31, 2014. The resistance is going to set at the level of 0.5598. Consequently, the descending movement will probably be lower than the 0.5600 level with the targets at 0.5520 and 0.5485. Also, it should be noted that the weekly support 1 set at the level of 1.5473. On the contrary, the support has already set at 1.5473. Furthermore, it should be noticed that it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 1.5473 level with targets at 1.5560 and 1.5610 to reach the double top.

    Observations:
    The support will set at the level of 1.5473, but the double bottom is going to set at 1.5485.
    The GBP/USD pair called for bearish market from the price of 1.5610 this week.
    Stop loss should never exceed your maximum exposure amounts.
    As a rule, the market is highly volatile on the last day of a year
    Technical analysis of GBP/USD By Instaforex-gbpusdh1-png

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analysis, average, breakout, daily analysis, gbp, hours, indicator, instaforex, level, macd, moving average, pattern, profitable, resistance, short term, sma, support, technical analysis, usd

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