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GBP/USD Technical Analysis as on 18-01-2016
Home / GBP/USD Technical Analysis as on 18-01-2016

 
The daily candlestick closure below 1.4275 hinders further bearish trend and enhances the bullish side of the market toward 1.4315. According to the daily time frame, GBP/USD pair is enhancing the bearish side of the market. 
 
Moving Average and Bollinger Bands are representing a bearish trend of the market but Parabolic SAR is showing clearly bullish trend the market and this continuation is also expected even today from 1.4275 to 1.4315. So, it is a profitable zone.  
 
According to my prediction some corrections are expected here and market will move into upward direction. In H1, H4 and D1 graph SMA 30, SMA 50 and SMA100 is also representing strong bullish trend of the market.
 
The RSI of last 7 days was shuffling but the RSI now is diverting into buying area. We can observe bullish trend of the market today because selling looks risky.
 
Trading Recommendations:
 
Buy: 1.4275, Take Profit 1.4315, Stop Loss 1.4245, Break out sell 1.4235
 
Support levels:
 
S1 1.4270
S2 1.4265
S3 1.4259
 
Pivot Point       (1.4276)
 
Resistance level:
 
R1 1.4281
R2 1.4287
R3 1.4292

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