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2/12/2016 4:39:11 AM

GBPUSD begins recovering again - Technical Analysis - 12-02-2016



GBPUSD leaned in its last trading in the intraday levels on the SMA50, which lent it some positive momentum that helped it rise today, attacking the important resistance of 1.4522, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the medium term (from 1.5239 to 1.4079). This level has pressured the pair's precious movements, impeding more rises, and its being attacked this time, along with an influx of positive signals from relative power indicators.

Therefore we expect the pair to rise in the coming trading, provided it confirms the breach of the resistance of 1.4522 first and close above it, targeting thereafter the resistance of 1.4659, which represents the ratio 50% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bullish

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