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GBP/USD Forecast November 24, 2014
 
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Fundamental Analysis

The British Pound registered only a small loss against the U.S dollar and found support around $1.5660-area ahead of Tuesday Inflation report and Wednesday GDP data in U.K. The main trend remains bearish as divergence between central banks will favor the greenback over the sterling.
The Fed is under pressure to hike interest rates while the latest BoE dovish comments excluded any action.

Technical Analysis



GBP/USD prices advance faced a resistance from its H4-SMA (50) and the upper line of the symmetrical triangle which considered as continuation pattern.
A confirmed break down of the triangle will accelerate the decline and Prices could reach $1.5500-area as Potential target of the triangle.
Main resistance on H4 frame lays at $ 1.5712 which provides opportunity for day trader to "short" the pair.


Support 2 Support 1Current PricesResistance 1Resistance 2
1.55201.56251.56641.57121.5787

   

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