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1/21/2016 2:58:56 AM

GBP/USD keeps sliding - Technical Analysis - 21-01-2016



GBP/USD kept sliding in the short term and intraday levels trading, with the overall guidance of the main downward trend, while the pair trades within a descending price channel that limited its previous short-term movements, in addition to trading below the SMA, breaking eventually through the support of 1.4211 and settling below it for the moment, doubling on the negative pressures, while noting the start of forming of a negative divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect more tumbles for the pair, targeting the support of 1.4015.


Target
Risk


Support
Resistance


Trend Bearish

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