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17.05.2012 04:04 PM
GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 17, 2012

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The GBP/USD pair is demonstrating extensive bearish movement this week which is manifested in the Strongly Bearish Intraday Regression Channels.
Yesterday, the GBP/USD pair failed to fixate above the Price Zone 1.5960-1.5940 which enhanced quick decline towards 1.5860-1.5840.
The GBP/USD pair has exceeded its Average Daily Range for today which is located at 1.5845 which is suggestive for a possible bullish retracement soon.
GBP/USD is currently testing the lower limit of its Linear Regression Channels which are located around Price Level 1.5800.

 

Based on the previous analysis

The market offers a bullish opportunity at price level 1.5800 with a tight Stop Loss below 1.5760.

TP levels are to be located at 1.5840, 1.5885 and 1.5925.

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Mohamed Samy
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