Technical analysis of GBP/USD for December 3, 2015
December 3, 2015 11:40 amVideo
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Overview:
The GBP/USD pair has been set at the level of 1.4894. This level is acting as a strong support and it coincides with the ratio of 00% of Fibonacci retracement levels on the H1 chart. Therefore, the first key level will be set at the level of 1.4975 (the daily pivot point). Furthermore, yesterday the trend was very clear and was indicating a downtrend, but the trend has rebounded from the area of 1.4894. Thus, we expect that the trend will call for a bullish market above the level of 1.4894 because buyers are bidding for a low price. As a result, buy above the price of 1.4894 with the targets of 1.4975 and 1.5010. Besides, the level of 1.5010 represents the daily resistance 1.
Observations:
The material has been provided by InstaForex Company – www.instaforex.com
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