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14.12.2015 02:02 PM
Technical analysis of GBP/USD for December 14, 2015

The weekly technical analysis of the GBP/USD pair:

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Trading recommendations:

  • According to the previous events, the GBP/USD pair is still moving between the levels of 1.5239 and 1.5034.
  • Strong resistance will be formed at 1.5239 providing a clear signal for sell deals with a targets seen at the daily pivot point (1.5100) and 1.5064. On the other hand, stop loss should be placed above the double top at 1.5260.
  • Strong level (support) will be formed at 1.5034 providing a clear signal for buy deals with a target seen at 1.5205.

Observations:

  • The double top will be set at the level of 1.5239.
  • We expect a range of 110 pips today.
  • But it should be noted that the risk of 73 pips must make a profit of 110 pips.
  • Volatility: 295. Therefore, the market indicates the lower volatility.
  • The value of 23.6% Fibonacci retracement levels is 1.5022 (for confirming for the bullish market).
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Summary
Urgency
Analytic
Mourad El Keddani
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