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GBPUSD MAY STRUGGLE AT 1.3450

Technical Tools
Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator, Ellipse.
GBPUSD Weekly Chart
  • The MACD on the weekly chart is in the positive zone.
  • The RSI is falling.
  • The Stochastics is rising.
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GBPUSD WILL BE RANGEBOUND

Technical Tools
Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Ellipse.
GBPUSD Weekly Chart
  • The MACD on the weekly chart is in the positive zone.
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UPDATE-3
The pair is currently trading at 1.3334 at the time of writing this update which is 100 pips above our level of 1.3230. I expect the pair to rise to 1.3400 levels before falling back to 1.3250. Until now the pair is moving as per expectations. Next week the collision with the falling trendline at 1.3400 will decide the fate of the pair. I am bearish on the pair and would love to sell it at 1.34000 levels.

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UPDATE-4
The pair is currently trading at 1.3325 at the time of writing this update which is 96 pips above our level of 1.3230. The pair made a high of 1.3383 before falling to the open price of today. If it closes day below 1.3325 then it will make a gravestone doji at the falling trendline, which is a very strong signal that sellers have jumped into the market. Now we can sell the pair with the stop loss above 1.3383 and target 1.3230. I hope the chart makes the thing more clear.

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UPDATE-5
The pair is finding it difficult to stay above the trendline that it has broken a few days ago. On Friday the pair closed at 1.33789 making a bearish engulfing candle on the daily chart.Now the pair is at the confluence of the rising and falling trendline. It may act as a support, but if it doesn't then the pair may fall to 1.32500 level which is also our target for 2nd Jan.

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UPDATE-6
The pair tested 1.3305 today and the last significant low is at 1.3303. I will say a close below 1.3303 is required on the daily chart to expose 1.3035 levels. Such pairs are a beauty to trade.

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UPDATE-7
After making a high of 1.3550 last week the pair has made a low of 1.3303. We need a good reason for further sell off in the pair. So I am expecting the pair to settle the month near 1.3400 levels. To reach our target of 1.3230 there is need of a catalyst which may not get during holidays.

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GBPUSD | BIAS IS STILL BEARISH

Technical Tools
Resistance and support lines, Trend lines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator.
GBPUSD Weekly Chart
  • The MACD on the weekly is in the negative zone and rising. The histogram is positive and losing value.
  • The RSI is turning down.
  • The Stochastics is turning down.
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GBPUSD will be flying in february

Technical Tools
Resistance and support lines, Trend lines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator.
GBPUSD Weekly Chart
  • The MACD on the weekly chart is in the negative zone and rising. The histogram suggests the buyers taking control of the market.
  • The RSI is moving up.
  • The Stochastics is turning up.
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