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GBP/USD: Possible end of correction and again short with the trend

GBP/USD:

Date: 7 December, 2016

D1 Graph: Long Term Short Trend

The price made a correction up to Fib 61.8% from the previous move lower. At this zone there is horizontal resistance at 1.2800 and the price stopped its move higher. Also there is a diagonal resistance and 50 ЕМА is below 200 EMA.

Price Action: Pin Bar at levels of horizontal and diagonal resistance – Possible signal for short.

Technical Indicator:

DEM (14) – In overbought zone and turned down for short

Alternative scenario: If the price moves up and above the diagonal and horizontal resistance, this will cancel the bearish view.

Price for Entry short around: 1.2670

SL: 1.27800

Jr. Trader – S. Fuchedzhiev


 Varchev Traders


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