GBP/USD: technical analysis for December 18, 2013 – STOCKTRKR

Daily pivot point: 1.6266.

GBP/USD:

Resistance: 1.6390 (sell below this level).
Support: 1.6166 (buy above this level after a retest in the short term).

Trading recommendations:

According to the previous events, the price has been between the levels of 1.6305 and 1.6245
The descending movement will probably be lower than the 1.6387 level with the first targets at 1.6335 and 1.62.
Buy orders are recommended above the 1.6166 level with targets at 1.6290 and 1.6340.

Note: The weekly pivot point for Decembe 16-20, 2013 will be determined at 1.6340.

The material has been provided by InstaForex Company – www.instaforex.com

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