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The cable is struggling to maintain a place above 1.45

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 12, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    GBPUSD Daily 12-01-2016 06-58-43 ص.jpg
    Following forming a series of lower highs and also lower lows, GBPUSD could have extended downside wave from 1.5238 which capped its rebound on last Dec. 11 to break its major supporting level at 1.4564 which could hold since last Apr. 13 last week.

    The cable has fallen yesterday to 1.4492 which is its lowest reached level since June 2010 and despite rebounding for trading near 1.4525, its daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is still having now its main line is in oversold area below 20 reading 13.625 and also its signal line which is reading 15.403 in its day number 19 of existence below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.4696


    Important levels: Daily SMA50 @ 1.5007, Daily SMA100 @ 1.5172 and Daily SMA200 @ 1.5314

    S&R:

    S1: 1.4492
    S2: 1.4345
    S3: 1.4228
    R1: 1.4643
    R2: 1.4723
    R3: 1.4845


    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    walid.s@trade-24.com
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