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GBP/USD: Price Action signal for short

GBP/USD:

Date: 25 November, 2016

H4 Graph: Short Trend

The price is making a new third lower high and this is forming at Fibo level of 50% from the prevouis move short. The price remains below the horizontal resistance of 1,25110 after a retest and now the price is testing the diagonal resistance. We expect the price to remain witin the bearish price channel and continue short.

Price Action: Doji bar at horizontal and diagonal resistance – Possible signal for short.

gbpusdsfh4

Alternative scenario: if the price continue to go higher and passes over the high of the doji bar and horizontal resistance of 1,25100, this will cancel the bearish view.

Technical Indicator:

DEM (14) – In the middle of the range

Price for Entry short around: 1,24550

SL: 1.25200

Jr. Trader – S. Fuchedzhiev


 Varchev Traders


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