GBPUSD – Weekly Forecast 02-06 Dec 2013

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Recommendations: LONG positions above 1.6220 with 1.6440 & 1.6615 as next target.
Alternative scenario:The downside breakout of 1.6220 will call for a slide to 1.6071/1.5900.
Description: The GBPUSD maintained a strong bullish momentum last week as suggested, topped at 1.6383 levels, next resistance comes at the 1.6440 levels, sustained trading above 1.6440 would open 1.6615 levels.On the downside, support comes at the 1.6220 levels, losing this level would weaken the current bullish run for retesting 1.6132/1.6071 levels, at this point rebound to the upside is suggested , losing 1.6071 would open  1.5900/1.5850 levels.

Support and resistance levels  : 1.5750 , 1.5853 , 1.6071 , 1.6132, 1.6220 (Pivot) , 1.6380 , 1.6440 ,1.6615, 1.6745

 

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