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GBPUSD






3/17/2016 4:35:45 AM

GBPUSD faces an important resistance - Technical Analysis - 17-03-2016



GBPUSD rose in the short term and intraday levels, reaching the important resistance of 1.4251, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1.4667 to 1.3835), while the pair tested the resistance of the SMA50, with an influx of negative signals from relative power indicators, and a forming negative divergence in the Stochastic as shown below the attached chart.

Therefore we expect the pair to slide in the coming trading, as long as it trades below the resistance of 1.4251, targeting the support of 1.4153 to lean it, which represents the ratio 38.2% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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