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Old 23-12-2013, 13:44
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Default Re: Market news and trade recommendations by FBS

FX BAZOOKA: technicals (Dec. 23)

GBPUSD


GBP bulls have given some ground after a quick test of the $1.6485 high last week. Cable has been consolidating in a narrow descending channel since then. However, the pair remains supported at $1.6320 (23.6% Fibo) for now.

H4 MACD histogram is declining and is below the signal line (bearish signal);
Cable slipped below the 100- and 55-period MAs.
Support: $1.6320, $1.6300 (channel support), $1.6230 (38.2% Fibo)

Resistance: $1.6360, $1.6400,$1.6430


Chart. H4 GBP/USD

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