GBPUSD – Weekly Forecast 25-29 Nov 2013

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Recommendations: LONG positions above 1.6071  with 1.6260 & 1.6380 as next target.
Alternative scenario:The downside breakout of 1.6071 will call for a slide to 1.5988/853.
Description: The GBPUSD printed a new support at 1.6071 levels, stability above this level on a daily basis will build pressure on the 1.6260 levels, break of 1.6260 will open 1.6380 ahead of 1.6440 , but I ‘d expect strong resistance from 1.6380/1.6440 to limit any rise and bring reversal, sustained trading above 1.6440 will open 1.6700 levels.On the downside, support is at  1.6071, losing this level on a daily basis would only delay the bullish move for retesting 1.5988/1.5853 levels, but downside below 1.3071 should be contained well above  1.5853 levels, to reverse risks to the downside , a sustained trading below 1.5853 is needed,If seen It will target 1.5716 ahead of 1.5426 levels.

Support and resistance levels (daily chart) :1.5426, 1.5716 , 1.5853 (main), 1.5988 , 1.6071 , 1.6259 , 1.6380 , 1.6440 ,1.6514, 1.6617

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

 

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