GBPUSD – Weekly Forecast 18-22 Nov 2013

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Recommendations: LONG  positions above 1.5853  with 1.6259 & 1.6380 as next target.
Alternative scenario:The downside breakout of 1.5853 will call for a side to 1.5426.
Description:A short term bottom has been confirmed at the the 1.5853 levels, stability above  this level will build pressure on the 1.6259 levels,break of 1.6259 would open 1.6380 ahead of 1.6440 levels, but I’d expect strong resistance from 1.6380/1.6440 to contain any rise and bring reversal to the downside.On the downside; support comes at 1.5853, sustained trading below this level will have large bearish implication towards 1.5426 levels.

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (main) , 1.5505 ,1.5716  ,1.5853(main),1.6117, 1.6259 , 1.6380, 1.6440,1.6750, 1.7000

 

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